Britain has long reveled in its reputation as a nation of animal lovers. 56% of UK households currently own pets, with 17 million dogs and cats living in happy accord with their owners, in addition to other eclectic choices such as exotic birds, fish, rabbits as well as unusual insects and snakes. In fact, pet owners often go to any lengths – and costs – to keep their pets happy and often treat them like “another member of the family”. Could now perhaps be the time for landlords to dispense with their historic aversion towards pets?
A recent survey discovered that over a quarter of tenants are willing to pay a premium for pet-friendly tenancy agreements, at an average of £24 per month. It was found that women (31 %) were more willing to pay the extra fees to live with their pet compared to men, with only 23 % prepared to bear the extra pressure on their wallets. Moreover, the attitudes of younger tenants, between the ages of 18 to 35, were also found to be positive towards payments of additional rent, at an average of £25.55 more per month. Additionally, a little over 20 % of those aged over 55 were also found inclined to pay more to have their pets accepted in their living space, and prepared to pay £19 more of their usual monthly rental payment. Thus, in the light of the above information, it reasonably follows that making your property accessible to tenants with pets may maximize its rental potential.
Besides increasing your property’s rental income potential, there are other benefits to being a pet-friendly landlord.
- Wider rental pool: Making your rental property accessible to pet owners can boost its renter appeal, and potentially widen the selection pool of tenants. Thus, giving you the best opportunity to find the perfect tenants for your property.
- Distinctive properties: With so few properties on the market that accept tenants with pets, you could meaningfully differentiate your property offering in a cluttered market place and maintain buoyant demand.
- Improved tenant retention rate: Considering the difficulties associated with locating suitable rented accommodations that allow pets, pet-friendly properties enjoy high demand. As a result, potential tenants are much more inclined to stay for longer or extend their tenancy agreements.
- Steady income: Responsible pet owners often make responsible tenants. Due to a dearth in pet-friendly rental accommodations, tenants who are pet owners are also unlikely to put their tenancy at risk. Thus, giving you the peace of mind that goes along with an assured, long-term buy-to-let income.
While making your property pet friendly definitely has its perks, it is not a decision you should make in a hurry. It involves careful consideration, and ultimately comes down to whether a pet friendly policy is suitable for the unique dimensions of your property.
City Landlord provides a range of products from Landlord Insurance to Tenant Content Insurance and Home Insurance to help your manage you properties with peace of mind. Give us a call on 0800 2944 546 today!