Pets and rentals: the key considerations

Pet ownership is officially on the rise in the UK, with the latest statistics revealing a nation that is crazy about our furry, feathered and finned friends. We’ll let the World Animal Foundation reveal more about the most up-to-date facts and figures of pet ownership within the UK:

“At a glance, 57% or more than half of British adults own 38 million pets. The UK Pet Food (formerly known as the Pet Food Manufacturers Association) has a vested interest in UK households that own a pet. Their online survey of 9,000 households revealed that there is a 13.5 million registered dog population, which suggests that K-9s are still the most popular pet. UK cats lag slightly at 12.5 million, but don’t tell that to a cat; they don’t care!”

With more and more people adding fur babies to their families, many landlords are embracing the curve and allowing pets in their rentals. But, the question is, should you? Join us as we discuss the pros, cons and considerations of pets in rentals.

The pros

The biggest benefit of opening up your rental property to people with pets is of course access to a larger pool of tenants – and considering the numbers mentioned above, it is very sizeable! With a larger pool at your disposal, your buy-to-let is more likely to stay tenanted, avoiding costly and inconvenient void periods.

People with pets also make the most loyal tenants, with longer tenancies often part and parcel of pet permitted rentals. They tend to be very responsible too, which is always a great trait for a tenant!

As a rule of thumb, people with pets expect higher rent or at least pet-related charges. This can maximise your buy-to-let returns significantly compared with non-pet friendly properties.

The cons

Now for the drawbacks, and as you can imagine, with the unpredictability many pets bring, there are a few! The potential for property damage is perhaps the most obvious, with fixtures and fittings possibly chewed or scratched. Complaints about noise and pet-related odour are other likelihoods that you need to be prepared to deal with as a pet-friendly landlord.

While you can earn more money from a pet-friendly rental, you may have more costs to foot the bill for, especially when your tenant vacates the premises. Your property may require additional cleaning and restoration for example.

The considerations

There is a significant shortfall in pet-friendly rental properties within the UK, but most pet owners make great tenants. There are several steps you can take to ensure you reap the rewards and minimise the issues associated with allowing pets into your buy-to-let.

Asking for references from previous landlords is recommended, and if this is their very first rental, you could ask for a reference from their vet to confirm the pet’s temperament. The reference can also be used to establish if the prospective tenant is a responsible pet owner, if the pet is likely to cause damage to the property, and if it has previously been a nuisance to neighbours or visitors.

As a landlord with a pet-friendly property, you should get the insurance you need too. It’ll help you cover any accidental pet damage and could save you a small fortune.

Looking to start or add to your buy-to-let portfolio? Find the mortgage advice and support to do just that right here at The Mortgage Bureau.