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.
"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.