Pet ownership is a fact of life in Australia, with an estimated 33 million pets across the country, and at least one pet in 63 per cent of Aussie homes, according to the Australian Companion Animal Council (ACAC).
The question for owners of Adelaide rental properties, is should you allow these pets into your rental investment? ACAC's 2007 figures show South Australia has the highest rate of pet ownership in the country, with 20 pets per 100 people.
In an October 10 interview with Fairfax Media, pet industry consultant and apartment project manager Susie Willis answered this question for us.
According to Willis, there is a general consensus that apartments that ban pets could face a comparative loss in capital gain of between 5 and 10 per cent, compared to complexes that are pet friendly. The loss in rental yields for investors is expected to be about the same percentage, according to Willis.
According to ACAC, which actively encourages "pets allowed" policies, Australians are willing to pay more to rent a dwelling in which they can keep their beloved cat or dog. In addition to having the potential to earn more, pet-friendly properties tend to rent faster as well, meaning less down-time for your investment.
This is probably due to the fact that with almost two-thirds of the country owning pets of some kind, pet-friendly rentals and properties for purchase (in managed complexes) are exposing themselves to a much larger section of the market.
Although property owners can be worried about pet-related damage, the increase in rent and decrease in vacancy rates could easily alleviate these concerns.
If you are considering purchasing real estate in Adelaide for investment, or would like to think of a pet policy for an apartment you own, make sure to talk to a specialist property manager in Adelaide.
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