Don’t resort to desperate measures
We know that the Tenant Fee Ban has cost letting agents dearly, with an estimated loss of £314.5 million paid to letting agents by tenants*. But desperate times do not always call for desperate measures …
The impact of the Tenant Fee Ban stretches far and wide, and may even impact the welfare of domestic pets. Agent JLL has linked the new five-week’s rent deposit cap to the higher deposits usually taken by pet-friendly landlords.
There are fears that with deposits pegged as of 1st June, the reserve will not be enough to cover the increased wear, tear, damage and additional cleaning that may result from letting to pet owners.
A sad side effect may be tenants having to relinquish their pets in order to be considered by landlords or to be able to afford inflated rents, with JLL estimating landlords renting to pet owners may add an approximate 3-4% extra per week. There are also fears that the deposit cap will deepen landlords’ reluctance to rent to those with dogs or cats.
JLL’s comments dovetail with its findings that there has been a 25% increase in tenants letting with pets in the last five years.Back to knowledge hub