Why Landlords should consider letting to Tenants with pets
Finding a reliable Tenant who treats your property with respect, and who plans to stay long-term, can be a challenge. Despite the common hesitation, pet owners provide numerous advantages in this respect, and Landlords should consider those Tenants as an option.
Allowing pets can reduce void periods, increase your return on investment, and foster a more loyal Tenant base. Here's why:
1. Extended tenancies and reduced void periods
One of the main benefits of renting to pet owners is the increased likelihood of longer tenancies. In the past, pet owners have faced significant challenges in finding pet-friendly rental homes, so when they do find a Landlord willing to accept their furry friends, they are more likely to stay for an extended period. This extended Tenancy means fewer void periods for Landlords, ensuring a consistent rental income.
2. Higher demand and potential for increased rent
There has always been considerable demand for pet-friendly rentals, and this increased during the COVID-19 pandemic, which gave rise to a huge uptick in pet ownership. By opening your property to pet owners, you tap into a larger market of potential Tenants. This increased demand can give you the flexibility to charge a premium for your property, reflecting the added value and accommodation for pets. Tenants are often willing to pay more for the peace of mind that comes with knowing their pets are welcome.
3. Responsible Tenants
Looking after a cherished pet requires a high level of responsibility and commitment, and in our experience, this usually translates into similar levels of care where the property is concerned. Responsible pet owners are likely to be responsible Tenants who will take good care of your property, ensuring it remains in good condition.
4. Improved Tenant-Landlord relationships
Allowing pets can foster goodwill and create a positive relationship between the Tenant and Landlord. Pet owners appreciate Landlords who are accommodating, which can lead to better communication and cooperation. This positive relationship can result in Tenants being more conscientious about property upkeep and more willing to promptly report any issues.
5. Flexibility in lease terms
By setting clear, pet-related Tenancy terms, Landlords can mitigate potential risks. This can include additional pet rent and specific clauses regarding pet behaviour and property care. These terms not only protect the property; they also give Tenants a clear understanding of their responsibilities. Additionally, specifying the types and sizes of pets allowed can further reduce risks. Regular property visits can also help catch any issues early before they become significant problems (Andrews recommends that property visits be carried out at three-monthly intervals).
7. A more competitive rental market
In a competitive rental market, offering pet-friendly properties can give you an advantage in comparison to other Landlords. As more Tenants own pets, having a pet-friendly policy makes your property more attractive, ensuring you have a steady, larger stream of interested applicants. This competitive edge is especially noticeable in markets where property supply is strong, but pet-friendly options are limited.
8. Social and emotional benefits
Pets provide emotional and social benefits to their owners, and again, this has been reflected in the increased ownership of Emotional Support Animals (an animal of any species that is not trained to perform a specific task, but rather through companionship, helps alleviate conditions such as anxiety and depression in the sufferer). Happy Tenants are more likely to stay longer and take better care of their homes. This stability directly benefits Landlords by reducing Tenant turnover and ensuring a consistent rental income.
Some properties are simply not suitable for pets (eg: studio flats), and many head-lease terms governing apartment blocks prohibit the keeping of larger animals. However, some types of property, especially those with more internal space and/or large gardens or grounds, lend themselves perfectly to families for whom a pet is just another beloved member. By being willing to accept Tenants with pets, Landlords can enjoy longer Tenancies, reduced void periods, higher rental demand, and better Tenant relationships. With the right precautions and Tenancy terms in place, allowing pets can be a smart and profitable decision for property owners.
Open your property to pets, and you might just find the perfect Tenants who will stay for the long haul, ensuring a steady and reliable return on your investment.