A quarter of tenants would pay more rent to live with their pets.
Can a dog really be considered a man's best friends? Apparently so! Recent research has revealed tenants are more willing to pay more rent each month to live with their pet than any other perk.
It is apparent age plays a part in whether a tenant would be willing to pay extra to live with their pet, with younger renters more likely to cough up the cash. 31% of 18 – 35 year olds said they would be happy to pay more for their pet, in comparison, only 22% of those ages 55 and over would be happy to pay more.
The private rental sector is growing and over a quarter of households are expected to be privately rented by 2025. Therefore, priorities are shifting and it’s very likely that fewer people are viewing rental properties as a means to an end, and are instead viewing them as a home to live in for the long term. Landlords that want to reap the advantages of long term tenancies should look at ways to encourage tenants to stay longer.
The research shows that being able to live with a pet is clearly a huge incentive for many tenants. With 40% of the population now owning a pet, is it time landlords consider offering pet friendly tenancy agreements to avoid missing out on a large chunk of the market?