Australia has one of the highest rates of pet ownership in the world and apartment buildings that deny these furry friends lodging could potentially be missing out on additional revenue from owners and renters.
Pet industry consultant and apartment project manager Susie Willis says apartment owners may be neglecting between 5 and 10 per cent in capital growth, and about the same percentage in rental yields because of pet-bans, Fairfax Media reported.
“Research consistently shows us that people are prepared to pay a premium for apartments that allow them to keep their pets, in terms of both prices and rents,” Willis said.
Two thirds of all Australians own pets and 50 per cent of them own either a cat or dog.
The 2011 Census revealed 1.86 million people in NSW and Victoria live in apartments.
More often buyers in Australia are asking the question, ‘Is it pet-friendly?’ when considering purchasing an apartment, according to BresicWhitney real estate agent Ivan Bresic.
“There’s no doubt that buildings where pets are allowed appeal to more people, and more buyers, both owner-occupiers and investors,” Bresic said.
“It’s hard to put a dollar value on it but in some cases, pet-friendly apartments will go for 2-5 per cent more than similar ones that don’t allow pets, because there’s less competition for them… In financial terms, it would make sense if body corporates agreed to admit them,” he said.
Read more here.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.