Having a pet-friendly property could make your buy-to-let more attractive to tenants according to new research which has uncovered the top priorities for renters.
Nearly one in five tenants rank permission to keep pets in their top three ‘musts’ for renting a home, according to the research by Paragon Bank.
The buy-to-let lender commissioned the Social Market Foundation (SMF) to survey over 1,300 renters, asking them to share what they look for in a property and 18% put pets above other requirements.
Yet, despite the high proportion of pet loving tenants, Government statistics showed only 7% of landlords market their properties as pet friendly.
What top priorities do renters have?
The most important consideration for tenants is the monthly rent cost, a top three priority for over half (55%) of those surveyed.
This was followed by property size, in terms of the number of bedrooms, which is prioritised by 35% of renters.
As well as these fundamental facets of housing, the survey showed that when thinking about how a home meets their needs, renters valued aspects which helped to enhance their experience. As such outdoor space alongside permission to own pets in the list of top three property priorities.
What are renters looking for in a location?
Tenants were also asked what is important about the area in which rented accommodation was located. Being close enough to work was a priority for just under one-in-four renters (38%), closely followed by public transport facilities (37%) and shops (36%).
Richard Rowntree, mortgages managing director for Paragon Bank said: “It is unsurprising that the monthly rent cost is the top consideration for tenants.
“With a shortage of stock seen alongside high demand for privately rented homes, this need for affordable housing reinforces the importance of investment in the private rented sector.
“It was interesting to see the value that renters place on the things that help to shape their everyday lives, such as keeping pets and outside space.
“The SMF study showed that tenants are likely to stay in a property for the long-term and they want to make it a real home, so we would encourage landlords to consider how they can facilitate that.”