Pets might sound like an immediate turn-off to many landlords, but there can be significant advantages open to those of you who allow them in your tenanted property.
According to Statista, some 44 per cent of UK households owned a pet in 2017, with dogs (24 per cent) and cats (17 per cent) the most popular choices.
As a landlord, by choosing to refuse any applicants with pets you could be rejecting almost half the prospective tenants for your home before they have even stepped through the door. By allowing pets – and therefore a much greater proportion of potential tenants – you are more likely to benefit from numerous offers and a possible bidding war that drives the rental price up.
What’s more, many tenants with pets will go the extra mile to ensure their animals do not cause a problem, while plenty will become long-term tenants as the prospect of giving notice and finding a new home can be more daunting.
There are still ways to protect yourself against the perceived risk of damage caused by allowing pets in a rental property. Working with a quality letting agent will help as they should:
• Produce a watertight inventory that provides precise details about your property before a tenant moves in, making it easier to claim repairs from the deposit if required at the end of a tenancy
• Create an accurate tenancy agreement that states exactly what type of pets and how many will be permitted
• Follow a thorough referencing procedure that is designed to ensure only quality applicants are recommended for a tenancy
• Negotiate a higher rent that helps to offset some of the potential risks
• Offer advice on which pets could be suitable for your property and those that are not
For more information or advice on the benefits of allowing pets in a rented home contact your local Leaders branch or find out what your property could be worth here.