Lets with Pets .... what landlords need to know!
In a recent study, 74% of tenants said that they struggled to find suitable pet-friendly accommodation, and nearly 10% said that they had to resort to re-homing their pets! According to the veterinary charity PDSA, it is thought that 50% of UK households have a pet of some sort, nearly 11 million are cat owners and 9.9 million own a dog.
Q: How does accepting pets benefit me as a landlord?
As a landlord your core obective is to let your property for the best rental amount, to the highest calibre and lowest risk tenant possible. Correct? If this is your core objective, then you need to play the numbers game. The larger your applicant pool, the better choices you have. It really is that simple. By accepting pet owners your applicant pool will likely double putting you in a better position to cherry pick your preferred tenants. This will directly reduce your risk in other departments, such as affordability and increase the duration of your average tenancy. Did you know that the average pet owner resides in a rental property nearly twice as long as non-pet owners? So, whilst you are taking on a little extra risk by accepting tenants with pets, you are actually reducing you risk overall.
Q: Does accepting tenants with pets increase my risk as a landlord?
If done properly, no it doesn't. In fact, you can actually decrease your risk by following these simple steps;
1) Pet deposits - charge an increased deposit to cover yourself for any potential extra damage caused by a pet.
2) Rent increase - nearly 60% of tenants surveyed, said that they would happily pay an increased rent if it meant they could keep their pets.
3) Referencing - if you're going to reference your tenants, why not reference their pets? A few extra questions to the tenants previous landlord, will help you be better informed as to whether their pet is potentially problematic.
4) Terms and conditions - get the right wording in the tenancy agreement to protect yourself is important.
Q: Does that mean I have to accept anyone with pets?
Absolutely not! At DMK Residential, we only advertise our properties as "Pet's Considered" if the landlord is happy and comfortable. Any of our landlords can opt out if they wish to, although what the vast majority if not all of our landlords have found, is that tenants with pets statistically remain the property a lot longer. Combine this with our careful referencing processes, and you're left with long-term happy tenants. Also, by advertising a property as "Pets Considered" our landlords are not obligated to take anyone with pets, we're just saying that we will consider their circumstances.
For any more free information and advice, feel free to get in touch!