This blog content is sponsored by Hunters estate and lettings agents South East London for exclusive use of Smart Inventory.
Services Tenants Will Pay More For
As a landlord, it is vital to be aware of regulations, and the Tenant Fees Act has impacted many landlords this year. There have been significant changes as to what a landlord can and cannot charge tenants, and many landlords have had to change their working practices.
Now the Act has been in force for several months, landlord and tenants are starting to get to grips with the process. Questions are being asked about fees, additional services, and what landlords can offer. It is understandable landlords want to generate as much income as possible, but there is a need to be mindful of what is allowed.
Should a landlord let to tenants with pets?
One topic of discussion has been the impact on tenants with pets. The capping of the security deposit has led many landlords to decide that letting to tenants with pets was no longer worth it. A lot of landlords already imposed a blanket ban on pets, but some landlords have been more flexible.
Letting to tenants with pets creates a bigger audience for a landlord, but there is a need to carry out more refurbishment work at the end of a rental period when a pet was present in the property. Therefore, landlords justified charging a higher security deposit, allowing themselves to recoup their costs.
A way around this problem has been for landlords to state two rental fees when advertising the property. A rental fee when no pets are present in the property, and a higher rental price when a pet is present in the rental accommodation. This higher fee has been dubbed the pet rental fee, but as long as landlords state two separate prices, this pricing is allowed under the Tenant Fees Act.
This line of thinking ties in with a recent study undertaken by LSL Property Services and Faraway Furniture. The furniture company analysed data from the other company and has created a top ten list of features and services tenants are happy to pay an additional fee for when letting property.
Many tenants are happy to pay more to let with a pet
At the top of the list was an additional charge to have a pet allowed in the property, with 32% of respondents saying they would be happy to pay extra if it meant their beloved pet was allowed to stay with them. With the emergence of pet rental fees, it seems as though many landlords are happy to provide this service.
Savvy landlords will look at this study, and the presence of a pet rental fee, and wonder if there are workarounds, they can use to improve their finances. Some of the aspects listed in the study are already covered by the Act, with landlords able to charge fees for broadband services and satellite or cable.
The study also suggests tenants are happy to pay extra to access a garden or to have car parking on site. These are elements which would be incorporated into a price. If there were two properties available for rent, and all things were equal apart from one property had car parking facilities, and the other property didn’t, most people would expect the property with parking to have a higher rental fee.
At Smart Inventory, we know every landlord is unique, but there is a lot to be said for calling on the experts for help.
If you are a landlord looking for expert help, check out the range of services provided by Hunters estate and lettings agents. Hunters estate and letting agents have a South East London hub office covering Lewisham, Forest Hill, New Cross, Peckham, Dulwich and Brockley as well as the surrounding towns. They have been awarded one of the Top Three Letting and Estate Agent offices in London for several years running and won GOLD and SILVER for the best Lettings agents from the British Property Awards as well as many other customer focussed accolades, so contact them for support.
Hunters South East London – 0203 0024089
Website – Hunters estate agents South East London