At David Harris & Co, we aim to provide landlords and property investors with the best standard of service in Finchley. We appreciate that many landlords are unwilling to allow tenants to have pets in their rental accommodation. This is borne out by recent research, with rental property listings rarely stating the accommodation is pet-friendly.
However, UK landlords should be aware there are changes coming this year, which will impact how they list and let property.
Traditionally, the government's model tenancy agreement required tenants to seek prior written consent from landlords if they wished to keep pets or other animals in the property. However, significant changes were introduced in 2021 to shift the default position of landlords towards granting consent for pets. This change was aimed at phasing out blanket bans on pet ownership. Now, landlords can only object to such requests in writing within 28 days, and they must have a "good reason" for refusal, considering each request on its own merits.
Further changes may be on the horizon through the Renters (Reform) Bill 2022-23. This bill seeks to amend the Housing Act 1988 to remove the blanket ban on pet ownership, making it an implied term of an assured tenancy that a tenant can keep a pet with the landlord's consent, unless the landlord has a reasonable basis for refusal.
One noteworthy change for pet owners is that they will likely be required to have pet insurance in place to cover any damages caused by their pets in the rental property.
Despite these regulatory shifts, finding a pet-friendly rental property in the current market can still be challenging. Recent research reveals that just 9% of all rental properties available across England are listed as pet-friendly. To put this into perspective, this equates to just over 8,000 out of approximately 94,000 rental properties.
Regionally, the South West has the highest proportion of pet-friendly rentals, with 15% of current rental properties accommodating pets. The South East and East of England also offer relatively higher proportions of pet-friendly options, though this still represents just one in ten rental properties.
Notably, London stands out with the highest total number of pet-friendly rentals, and as we operate in Finchley, this is most relevant to us. Among the 8,343 pet-friendly properties available across the nation, a significant 3,439 are located in the capital, accounting for 41% of all pet-friendly rentals in England.
For those fortunate enough to secure a pet-friendly property, it's important to note that it often comes at a premium. The current average asking rent for a pet-friendly rental property is £1,719 per month, which is £281 or 20% higher than the average cost of renting a non-pet-friendly property.
As the rental market evolves, landlords and property investors should remain informed about the changing landscape of pet-friendly rentals. While regulations are shifting in favour of pet owners, the availability of such properties remains limited, and they often come with higher rental costs. Staying up-to-date with these trends can help individuals make informed decisions in the ever-evolving property market.
Sam Reynolds, CEO of Zero Deposit commented: “A pet is a huge commitment and it’s one that should be carefully considered regardless of your living status. For many tenants, the cost of renting is already substantial so they really need to be confident that they can afford the additional outgoings of pet food, insurance and the often-inevitable vet bills. The good news is that while pet-friendly rentals may be hard to come by, there are changes being made to make renting with a pet more widely accessible. Of course, it’s important to remember that while a rental property is your home, it’s also someone else's investment so you should be rightfully prepared to cover the cost of any damages caused.”
Sam concluded by saying: “Many landlords may understandably be apprehensive about pets within their rental property, but in many cases, a clear and upfront line of communication is the best plan of action for tenants when considering introducing a pet to their home.”
We have assisted many Finchley landlords connect with willing tenants, and we know where these groups are looking for rental accommodation. You can take the stress out of connecting with your ideal tenant by turning to a local lettings agent in Finchley.
If you want to make an informed decision in and around Finchley’s rental market, we are here for you. If you have any questions about the local market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
