Landlords- Could you be missing out on tenants with a ‘no pets’ criteria?
According to PFMA, approximately 40% of UK households own a pet- that’s around 11m with dogs taking the lead (no pun intended) at 24% and cats heading up second at 17%. Frequently with rental adverts, it is often stipulated that there is a ‘no pet’ restriction. When comparing the UK pet population data against this, could landlords be missing out on tenants due to this restriction?
Many landlords are concerned about the potential damage that a tenants pet or pets may cause. This is understandable. However, by putting measures in place, could any potential damage be limited?
It is commonplace that a damage deposit is to be paid before moving into a rental property which is protected for the duration of the tenancy- usually equivalent to one months rent. In order to accept a tenant with a pet, it could be advisable to levy a pet deposit charge prior to the tenancy beginning to cover any additional risk of damage.
Many landlords would also prefer to meet their potential tenants’ pet prior to accepting a tenancy to ensure that they are confident that the pet, or pets, will be suitable for the property and not cause a disturbance.
Taking references prior to a tenant moving in is very important- check that there have been no issues with your tenants in previous rentals whilst their pet has resided in their property.
As many are aware, the age for tenants acquiring a mortgage is increasing- more and more tenants are requiring rental properties for longer terms in a bid to call home for a number of years. It is likely that tenants with pets will stay in a property long term as they face the challenge of finding a landlord who will accept a pet.
Should you be taking advantage of this?
Case Study: Zara the Staffy
The family she lived with needed to move to a bigger property as the children were getting older but unfortunately faced a struggle finding a property with a landlord who would accept a dog. They had to face a decision- stay in their current property which was too small or give the dog up to be able to move for the benefit of the whole family. They chose the latter.
Luckily for our letslivehere individual, they found Zara online and as soon as they met her, they fell in love with her. Zara now resides in a rental property in Newcastle and even our team member found it a struggle finding a landlord who would accept her. However, the search paid off and she now has a long term home!
Granted, not all rental properties will be suitable for pets. When thinking about letting your property- paws for thought (we couldn’t resist the pun this time): what types of tenant do you want to attract?Is the area surrounding suitable? Is the style of your property practical?
Advertising as ‘pets accepted’ could increase the volume of your leads which could in turn lead to your property being secured much quicker.
If you have a property that you wish for letslivehere to advertise or have any questions or concerns regarding rentals with pets accepted, contact us for further information.