As more condo boards clamp down on their animal regulations, should investors move towards more pet friendly units to maximize their rental return?
From height and weight restrictions to the number of pets allowed on each floor, condo boards are taking a harder line with animal loving tenants.
And with more renters actively looking for pet-friendly condos, investors are being urged to consider this priority before signing on the dotted line.
“We have come across cases when buyers, and in particular first-time buyers, fail to ask about the condo’s pet policies, and then pull out of the deal when they see the restrictions placed by the boards,” says Christian Cardo, co-founder of condopuppy.com. The website lists all of the condo buildings that are “pet friendly” in Toronto, such as 88 Scott and Garrison Point.
“We are finding that more people are looking for these units, reflecting the fact that a lot more people have pets. And they want the pet facilities on site to help them,” adds Cardo. And with greater regulation and fewer condos being pet friendly, condo owners could demand more for the unit.
In relation to letting agreements, he says many agents do not want to discuss the issue of pets as they don’t want to be liable should any issue arise. “There have been a few court cases over pets and it is still very much a grey area, with no one wanting to be held responsible if something does happen in the unit.”
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