New research has revealed that pets cause less financial damage to rental properties than tenants, leading experts to encourage landlords to consider allowing pets in their homes.
A report by the University of Huddersfield shows that while pets can cause some damage, the cost is more than 50% lower than the damage typically caused by tenants.
This finding has led Inventory Base to call on landlords to embrace pet ownership, particularly as only 7% of rental properties are currently pet-friendly.
Pets cause less damage than tenants
According to a survey conducted by Inventory Base, the financial impact of pets on rental properties is significantly lower than that of tenants without pets.
Research shows that pets cause an average of £300 worth of damage per tenancy, compared to £775 caused by tenants without pets.
The report also found that landlords in some cities are more open to renting to pet owners. Glasgow leads the way, with 11.3% of all rental properties marketed as pet-friendly.
Other cities with relatively high percentages of pet-friendly properties include Edinburgh (10.1%), Manchester (10%), and London (8.1%).
In contrast, Newcastle has the lowest percentage of pet-friendly rentals, with just 2.1% of available stock being marketed as such.
‘Pet owners are typically very mindful of their pets’
Siân Hemming-Metcalfe, operations director at Inventory Base, highlighted the financial advantages for landlords who accept pets.
“While pets might seem like they could cause issues in rental properties, it’s becoming clear that their impact is often much smaller than the wear and tear from tenants themselves,” she said.
She explained that landlords could benefit from the reduced risk of void periods, with research indicating that half of pet-owning tenants stay in a property for more than three years, compared to just 31% of tenants without pets.
“Being a landlord is no easy task. It can be both demanding and stressful. It’s understandable why many prefer to keep pets out, reducing at least one potential worry. However, we’re finding that being pet-friendly can actually offer significant advantages for landlords,” Ms Hemming-Metcalfe added.
By allowing pets, landlords can attract a broader range of potential tenants and encourage longer, more dependable tenancies.
“Pet owners are typically very mindful of their pets’ reputation for causing damage, so when it’s time to move out, they often leave the property in excellent condition to demonstrate that both they and their furry friends are responsible,” she said.
The Renters’ Rights Bill
The issue of renting with pets may become more significant as the Renters’ Rights Bill aims to strengthen tenants’ rights to request a pet in their rental property.
Under the Bill, landlords will be required to consider such requests and can only refuse them for valid reasons. The Bill will also allow landlords to require tenants to take out insurance coverage for potential pet damage.
As the rental market evolves, landlords are being encouraged to rethink their stance on pets and consider the potential long-term benefits of offering pet-friendly accommodation.