Landlords: Going Pet-Friendly Has Its Benefits

New data has found that Landlords who make their rental properties pet-friendly are able to widen their pool of potential tenants, keep their properties rented for longer and even maximize their profits.

For many renters in Edmonton, pets are part of the family. With less than 15% of landlords making their rentals pet-friendly, demand is high for these properties. Our data and insights show that landlords who make their rental properties pet-friendly are able to maximize profits, keep their properties rented for longer and widen the pool of potential tenants.

The potential for higher rental income
Typically, pet-friendly landlords are able to charge more on a monthly basis, due to high demand and competition for these properties. Pet-friendly rentals see on average $82 more income per month (a total of $984 annually) than that of their 'no pets' policy neighbours.

Tenants stay longer
Pet-friendly landlords often enjoy longer tenancies from their renters, even though it means paying higher rent. Tenants with pets have been found to stay on average a further 19 months throughout the Edmonton region.

Wider tenant selection pool
Opening up a rental property to pet owners widens the selection pool of potential tenants, giving landlords the best chance at finding the perfect tenants for their property.

How to protect your investment
If you're considering making your rental pet-friendly, here are some tips to help ensure your investment is protected:

• Add a pet clause to the Lease Agreement

Davies Property Management have a specific clause to add to the Residential Tenancy Agreement, just ask your property manager to arrange this for you.

• Take maximum security deposit

Equivalent to 1 months rent, taking the maximum allowable security deposit helps offset any risk associated with pet-friendly rentals. Be aware that it is unlawful to take any more than the equivalent of 1 month's rent.

• Think about what your rental property can manage

The size of your property will help you decide what sort of pets you should accept. It is beneficial to also consider what fencing your property has, and whether the outdoor area is appropriate for larger pets.

• Always reference check

Davies Property Management have a rigorous tenant selection process, which your property manager will complete on your behalf. If the tenant has been allowed pets at a previous rental, your property manager will be able to obtain references and ask suitable questions around this.

If you'd like to make your rental pet-friendly, get in touch with your property manager for more information and tailored advice.

Need help with your rental property?

Find out more about how we help landlords and the property management services we offer. You can also book a rental appraisal and one of our property managers will be in touch.