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Landlords who are willing to let properties to tenants with pets need to take extra precautions to protect their property investments according to new analysis.
As people are now likely to be renting for longer periods of time, it is likely that there will be a greater number of tenants who wish to keep pets. According to the Association of Independent Inventory Clerks (AIIC), landlords must be aware of this and take precautions to ensure that their properties are protected.
The most recent English Housing Survey, which was released in January, revealed that private renting accounts for a fifth of all households in the UK. The sector also comprises the largest housing tenure in London.
According to the annual study, it was also discovered that 27 per cent of tenants have been renting for 10 or more years. This lengthy time period renders it far more likely that tenants will be hoping to keep pets.
The AIIC thus recommends that landlords should consider taking out a more comprehensive landlord insurance policy to ensure that their properties remain protected, as well as increasing the property’s damage deposit and ensuring that an independent and professionally compiled inventory is carried out.
Chair of the AIIC, Danny Zane, said: ‘It’s clear that the number of long-term lifestyle renters is rising. And this means that more tenants will want to keep pets and therefore be on the lookout for a property which they can truly call home for a prolonged period. It therefore comes as no surprise if more landlords decide to let to tenants with pets as it will widen their pool of prospective renters in an increasingly competitive market.’
He continued: ‘Our furry friends can undoubtedly cause more damage to a property, not to mention additional odours and mess. Therefore, more comprehensive landlord insurance can provide the required cover and peace of mind should an incident occur at the property, while a higher deposit will help to ensure that tenants are committed to maintaining the property. However, that landlords will need to be wary of charging higher deposits as from next spring, it is likely that damage deposits will be capped at a maximum of six weeks’ rent.’