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Are Property Price Differentials Legal?

Is it legal to advertise my property on Rent With Pets with two different prices?

 

Yes, it certainly is.

According to the Department of Fair Trading it is perfectly acceptable to advertise a rental property for a standard price which includes the priviledge of keeping pets in the property, and a lower price for renting the same property without pets in the same advertisment.  Renting “with pets” and “without pets” are considered by the Department of Fair Trading to be advertising two different products. Transparently advertising two different products at two different prices for renting “with pets” and “without pets” is not misleading or deceptive. Rent With Pets gives landlords and property managers the choice of displaying different prices in the same advertisement, which can increase the appeal of your rental property to a larger tenant base and/or lead to increased rental yield/returns.  Of course, advertisers are more than welcome to advertise a rental property with only one price for all types of tenants.

 

        

Please note that it is not legal to advertise your pet friendly rental property on Rent With Pets for one price, and elsewhere for a different price.  The two prices for the different options have to be displayed on the same advertisement.

 

Another good example is if  a property manager or agent advertises a vacant rental property at $420/wk, and a tenant offers to pay $450/wk to be allowed extra priviledges like keeping pets or having an air-conditioner installed, it is legal for both parties to make a deal based on this counter offer. 

 

Further information about the rules of conduct for real estate agents and property managers are available here http://www.fairtrading.nsw.gov.au/Property_agents_and_managers/Rules_of_conduct/Real_estate_agents.html

 

Recent  research shows that pet owning tenants are willing to pay $25-$35 more per week for their rental property  http://www.firstnational.com.au/media/australian-real-estate-blog/2012/February/Renting-With-Pets,-Think-Again%E2%80%A6  Renting your investment property to a responsible pet owner makes financial sense as it can potentially increase the return or rental yield from your rental property.  It may even turn your vacant property from negative to positive cashflow.  With more than 70% of tenants surveyed http://www.rent.com.au/articles/what-renters-want-from-landlords expressing a preference for renting a pet friendly property, this is a very large niche market that is worthwhile for savvy property investors and property managers  to consider.