Would you pay more to live with your furry friend?
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 dig deeper. 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.
As the private rental sector grows, over a quarter of households are expected to be privately rented by 2025. The shift in priorities comes as no surprise and fewer people are viewing rental properties as a means to end, and they are instead being viewed as a home to live in for the long term. It makes sense for landlords that want to reap the advantages of long term tenancies to 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 an estimated 57 million pets in the UK, maybe it’s time landlords consider offering pet friendly tenancy agreements to avoid missing out on a large chunk of the market? Let us know what you think.