Tenants are often willing to pay extra for perks that add something extra to a rental property, whether it’s a concierge service or bike storage. But there’s one incentive that is more attractive than any other, according to new research.
Landlords who’ve been in the game a while may have already guessed, but the most sought-after perk was keeping pets in the house. The research found that more than a quarter of tenants – at 28 per cent – would be prepared to pay on average £24 more a month to a landlord allowing pets.
On the other hand, only three per cent would be willing to pay £20 more a month for a concierge service and four per cent would pay an extra £11 a month for bike storage.
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Which tenants are willing to pay more to live with their pets?
The research by estate agents Your Move found that there was also a difference between how much men and women would be willing to pay to live with their furry friend.
Almost a third of women – at 31 per cent – said they would be willing to pay additional fees to live with their pet in their rental property. It compares to only 23 per cent of men.
Age also played a part in whether a tenant would pay extra, with 31 per cent of younger renters aged between 18 and 35 years old willing to pay £25.55 more each month.
By contrast, only 22 per cent of those aged 55 and above would pay more to live with their pet and would be prepared to pay £19 above their normal monthly rental payment. It equates to less than £5 a week.
Are landlords missing out on renting to tenants with pets?
Martyn Alderton, of estate agents Your Move and Reeds Rains, said: “Being able to live with a pet is a huge incentive for some tenants, and landlords should consider offering pet-friendly tenancy agreements to avoid missing out on a large chunk of the market.”
Some landlords may have reservations about renting to tenants with pets. However, Mr Alderton suggested landlords could, for example, request a slightly higher deposit – six weeks instead of four – to protect the property or could consider increasing the monthly rent slightly to cover the cost of any pet-related damage.
David Bowles, of the RSPCA, urged landlords to consider pets, saying: “Pets are part of our families, as well as being wonderful companions.
“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.”
Are you considering allowing your tenants to have pets? Check out our list of pros and cons to letting tenants keep pets in your rental property, plus guidelines for how to get started.
What perks do you offer tenants? And how does it affect your rental income? Let us know in the comments.