Renting to people with pets - what's in it for me?
Most landlords and property management companies are hesitant to rent to people with pets. Simply do a search for rental properties on Trademe with and then without ‘pets ok’ selected and see the difference!
But there are real benefits to renting to people with pets.
We’ll explore the top 3 benefits of renting to people with pets:
1. Get more from your investment
From a ROI perspective, renting to people with pets makes sense! According to Barfoot and Thompson those who rent to people with pets receive an additional $54.46 per week in rent.
2. Have longer-term tenants
Every single pet owner we have talked to about finding a rental property has said it is HARD WORK – most have has said it is a nightmare! Based on how hard it is to find a suitable rental, people with pets are less likely to leave their pet friendly rental. Anecdotally, we've seen they will stay in a rental property longer. This means less money spent on tenant finding, checking and placement fees. It also means there is less likelihood of the property sitting vacant with no rental income coming in.
3. High demand, low supply
The number of people with pets in NZ is growing. The number of people looking for rental properties who allow pets is a significant segment of the market. Supply is low. Securing a rental property that allows pets is highly competitive. Differentiating yourself as a tenant with a pet is key. Landlords offering properties allowing pets have their pick of tenants.
Renting to people with pets provides a REAL opportunity for landlords and property managers.