A quarter of tenants would pay more to live with their pet
Would you allow your tenant to keep a pet?
Recent research from Your Move has revealed that a dog really can be considered a man’s best friend, with tenants happy to pay more rent each month to live with their pet than for any other ‘perk’ such as a concierge service or even parking. More than a quarter (28%) of tenants polled by Your Move’s sister company, LSL Corporate Client Department, would be prepared to pay on average £24 more per month to live with their furry friend.
In comparison, only 3% would pay more for a concierge service, on average £20 every month and 4% would pay an extra £11 for bike storage.
Your Move found that nearly a third (31%) of women would pay additional fees to live with their pet in their rental property, compared to only 23% of men.
Age also played a part in whether a tenant would pay extra to live with their pet, with younger renters happy to pay more rent. 31% of 18-35 year olds said they would be happy to pay extra for their pet. The average they would pay would be £25.55 more each month. In comparison, only 22% of those aged 55 and over would pay more to live with their pet and would then only be prepared to pay £19 above their normal monthly rental payment – that’s less than £5 per week.
Martyn Alderton, National Lettings Director at Your Move says: “The private rental sector is growing; with over a quarter of households estimated to be privately rented by 2025. Priorities are therefore shifting and it’s likely that fewer people are seeing a rental property as a means to an end and are instead viewing it as a home that they want to live in, in the long term. As such, landlords that want to reap the advantages of long term tenancies, for example the reassurance of a steady income and tenants who may be more likely to care for their property, should look at ways to encourage tenants to stay longer.
“Our research clearly shows that being able to live with a pet is a huge incentive for some tenants. With 40% of the population now owning a pet, landlords should consider offering pet friendly tenancy agreements to avoid missing out on a large chunk of the market. For example, landlords could request a slightly higher deposit, six weeks instead of four, to protect the property; or as this research shows, could consider increasing the monthly rent slightly to cover the cost of any pet-related damage.”
David Bowles, Head of Public Affairs at the RSPCA, says: “Pets are part of our families and, as well as being wonderful companions, they also bring us many benefits for our health and general well-being. We encourage landlords to allow tenants to take pets into homes as this allows the opportunity for more rescue pets from charities such as the RSPCA to find loving new homes.
"Sadly it can cause a lot of distress and upset when families aren’t able to take their pet with them when they move to a new property, and charities such as the RSPCA can be left to pick up the pieces. We have produced booklets for housing agencies and landlords giving them useful and practical advice if they need it.”