How a landlord can stand out in crowded market
While the private rental market may be thriving, it never hurts to consider new ways to market your property. One way to do this is to allow tenants to keep pets.
Latest figures from specialist landlord insurer, LetRisks, suggest landlords who are open to having tenants with pets benefit from a larger choice of potential tenants and longer tenancies; 32 per cent of tenancies exceed four years while 54 per cent averaged between two and three years.
Letting property to tenants with pets however can come with an increased risk for landlords with the primary concern surrounding possible damage and deterioration to the property and, as a consequence, the impact on future tenancies.
Despite these obvious risks, GW LET lawyer, John Jones, believes landlords shouldn’t automatically shy away from this group of tenants:
“Naturally a landlord wants to maintain their property to the highest degree so it is not surprising many disregard tenants with pets. However there are several ways to minimise the associated risks which could allow a landlord to tap into this seemingly lucrative market.
“For a start landlords can request a higher deposit as collateral against potential damage or cleaning bills. It could even be pre-agreed that this is a non-refundable payment. You can add a cleaning clause to the tenancy agreement, which GW LET can help draft, stating the tenant must have the property thoroughly cleaned when they move out. You can even ask for a pet reference either from a previous landlord or its’ vet!
“While there are no guarantees when letting property to tenants with pets, the same can be said, in truth, for all tenancies. GW LET can help landlords draft an extended tenancy agreement to ensure the property is protected to the highest level.”
Content correct at time of publication