3^rd Apr 2019

An agent is predicting that because of the impending tenant fees ban from June 1st agents and landlords will be increasing tenants' rents who have pets by 3 - 4% per week.

Lucy Morton of the agents said there has been an increase of 25% in tenants with pets since 2013.

She warns that historically agents and landlords have had to charge pet owning tenants a higher deposit to cover any extra cleaning and damage that could be incurred from their 'furry friends'; this will now be stopped by the five week cap on deposits so there will be no other option than to increase rents as an 'insurance'.

Morton said: “With the five-week deposit cap, landlords may be deterred from letting to tenants with pets or forced to charge higher rents to cover any potential losses. The increase would depend on the rental value, but we anticipate approximately an additional 3-4% per week.

“For example, a rent of £700 per week would potentially rise to £725 per week to make up for the shortfall.”

“With a host of regulations that landlords must adhere to, as well as the changes to mortgage interest relief, the fee ban and five-week deposit cap is adding yet another cost.

“This gives landlords no choice but to increase rents in order to see a return on their investment and they will need to hold firm on asking or renewal prices."

She added: “However, tenants will only be happy to pay more if the property is of high quality and well-presented. It’s the properties in the best locations offering quality amenities that will attract tenants willing to pay a premium.”


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