Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

rpm logo latest

No pets holding back price

By Elyse Perrau
15 October 2014 | 1 minute read

Properties that refuse to allow pets could be restricting their prices and rents by up to five or even 10 per cent.

Pet industry consultant and apartment project manager Susie Willis said there's a general consensus that such pet bans cost apartment owners between five and 10 per cent in capital growth, and about the same percentage in rental yields for investors.

"Research consistently shows us that people are prepared to pay a premium for apartments that allow them to keep their pets, in terms of prices and rents," she told Sydney Morning Herald

Advertisement
Advertisement

"To a lot of people, their dog or cat is as significant to their lives as a member of their family."

However, Rental Express director Chris Rolls said if you are renting a property and the price is right and the marketing is right, then you will get it rented irrespective of whether you allow pets or not. 

“There certainly are circumstances where people call who have pets and will offer to pay more than the market rent in order to get in, but it is not a regular occurrence,” he told Residential Property Manager.

“Part of it not being a regular occurrence is you can’t encourage people to pay above market rent for a property – it is kind of tied up in the rental auctions. 

“Legislation is different in every state and I am talking about Queensland here, so there is legislation that says you can’t encourage people to pay more than the rent that has been advertised,” he added.

Mr Rolls said this legislation isn’t necessarily a good thing for prospective tenants who have pets.

“It would be great to be able to advertise a property saying, ‘Well this is $550 with pets and $525 without pets’ – and pet owners would prefer that,” he said.

“People say they have an outdoor dog and that is rubbish – there is no such thing as an outdoor dog in this day and age.

“The bottom line is pets do create more wear and tear on a property. 

“So from that perspective, if you are an owner and you have a choice between tenants who have a pet and others who don’t, you would be silly not to choose the one who doesn’t have the pets,” he added.

 

No pets holding back price
Pets
lawyersweekly logo

ABOUT THE AUTHOR


Listen to other installment of the Real Estate Business Podcast

 

Do you have an industry update?

top suburbs

12 month growth
Warren
49.59%
Mullumbimby
49.48%
Waverton
49.18%
Blairgowrie
48.97%
Porepunkah
48.95%
Streaky Bay
48.89%
Bruce
48.67%
Koolewong
48.46%
Failford
48.4%
Victory Heights
48.22%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.