Our new product helps protect your property against damage caused by your tenants’ pets, so that you can rent to pet owners without paying out of your pocket for costly repairs.
Many landlords worry about the additional wear and tear that pets can cause and are understandably concerned that the maximum tenancy deposit of five weeks’ rent will be insufficient to cover any damage. Yet renting to pet owners can be beneficial for landlords. Research commissioned by Battersea Dogs & Cats Home showed that, on average, landlords can expect to gain more financially from renting to tenants with pets than they spend on associated expenses.
Pet owners tend to stay longer in their properties and are more likely to feel at home, reducing void periods for landlords. With our coverage, you can make your rental property more welcoming to pet owners, attracting responsible tenants with pets and reducing financial risks, leading to greater peace of mind and happier tenants.
As a landlord it’s essential to stay ahead of potential changes that could affect your rental business.
The private rented sector looks very different today to how it did a decade ago. The sector now includes an increasing number of families and older people and is home to around a fifth of all households. Demand for private rented homes is rising and the nature of that demand is changing. And alongside these social and demographic changes, there are likely to be legislative changes that will make it more difficult for landlords to reject tenants who have pets.
While this could mean opening your doors to more prospective tenants, it also introduces new risks and responsibilities, as well as opportunities. How can you be prepared?
The Labour government is likely to implement policies that prioritise tenant rights, including the right to have pets. Labour’s Renters’ Rights Bill proposes that landlords will need to consider a tenant’s right to request a pet and cannot unreasonably refuse. This follows changes to the government’s model tenancy agreement in 2021 which shifted the default position of landlords towards granting consent for pets.
This phasing out of blanket bans on pet ownership could limit your ability to reject applications from tenants with pets, making it crucial to adapt and protect your property effectively.
As more tenants look for pet friendly accommodation, there is an opportunity to tap into a larger market of renters. Only around nine per cent of rental properties across England are listed as pet friendly, which equates to just over 8,000 out of approximately 94,000 properties. By allowing pets in your lets, you can make your listing stand out and, with the increasing number of pet owners in the rental market, you’ll have a wider pool of tenants to choose from. Pet owners are usually looking for a long term home and are often willing to pay a premium for a property that welcomes their pets. Which means fewer voids, less turnover and a higher income for you.
Allowing pets can bring benefits, but it can also increase the risk of property damage. Our upcoming pet damage protection product offers peace of mind by covering potential damages caused by tenants’ pets so you can confidently welcome pets without worrying about the financial implications.
Don’t wait for the political tides to shift. Embrace this opportunity now! Sign up to be the first to know about our exciting new product.
• Stay ahead of policy changes
• Attract good tenants
• Protect your investment
Ready to safeguard your property? Sign up and be the first to know when our pet damage protection product launches. Don’t let policy changes catch you off guard – be a proactive landlord today.