93% Of Renters Vote Yes To Pet Bonds And 63% Willing To Pay More Rent

It’s a sometime source of wonder for parents of young
children who are also living the pet lifestyle that the kids
are welcome in a rental, but the furbabies rarely
are.

That’s because most dogs and cats are quite
decent tenants, while the perils of toddlers and even
teenagers are well-traversed. Be that as it may, says PD
Insurance COO Michelle Le Long, the upshot is that those
with pets can experience considerable difficulty securing a
suitable rental.

But it doesn’t have to be like
that.

“There’s good and sensible news for pet
parents in the government’s introduction of a Pet Bond,
and we’re hopeful this will help make it easier for pet
parents,” she notes. “The same principle as a
‘regular’ bond applies: it’s there just in case
something goes awry, but in most cases all of the bond
eventually goes back to the tenant.”

Keen on
learning more about the challenges faced by ‘pet
renters’ (that’s pet parents who rent homes, not those
who rent pets), PD Insurance included multiple questions
around the concept in its recent Pet Parent Survey.
Conducted in May 2024, the survey drew responses from more
than 2,400 people, providing insights into the challenges,
issues, experiences and more of dog and cat owners across
New Zealand.

Renting is harder with
pets

Finding a rental is a challenge made more
difficult when furbabies are factored in. While just 23%
(552) of respondents are renters, most said getting a place
isn’t straightforward. For roughly 59%, it is considered
extremely difficult, and moderately difficult for another
27%.

“Landlords generally prefer pet-less
tenants,” says Le Long. “But says the idea of a Pet Bond
may well help sway landlords who are on the fence about
pets. “One thing which is likely is that probably as many
landlords love pets as much as their tenants do. And
that’s a good thing which renters can use to their
advantage.”

Le Long is also buoyed by just 2.1% of
respondents who report rehoming a pet due to being unable to
secure a rental. “Even one is one too many; it does
happen, but the fact that this is an unusual development is
comforting.”

Pet Bonds are a winner

More pet
parents see the Pet Bond as a good idea than those who do
not. This isn’t surprising, says Le Long, as other aspects
of PD Insurance’s research indicate most people are happy
to pay for the privilege of owning a pet – and this
extends to measures which will help secure a home, ‘pets
and all’. Nearly 93% of renters said yes to the idea,
while just over 2% said no.

Which, of course, begs the
question of ‘how much’. Respondents were divided on this
issue, with 54% willing to pay one week’s worth of rent
(between $500 – $1000); 22% was ok with parting with two
weeks’ worth of rent (between $1000 – $2000); and only 3%
willing to pay three weeks’ worth of rend or more (between
$1500 – $3000).

Just as interesting, says Le Long (and
something landlords might find worth noting) is that a fair
number of pet parents will pay a premium for a dog or cat
friendly home. 39% would pay $50 more per week, 17.5% would
stump up an extra $100 per week, and 6.8% would pay $150+
per week.

Pets are popular (and so are
homes!)

With Companion Animals New Zealand
estimating that 64% of households have pets, the typical
‘No Pets Allowed’ policies one sees in rent adverts
seems a little unfair. “Combine that with the fact that
probably the majority of pets aren’t damaging to
properties, there’s a case to be made for leniency,”
says Le Long.

She adds, though, that owners have
discretion over their property which should be respected.
“It also comes down to individual pet owners: some are
more responsible than others. And those willing to pay a Pet
Bond are probably also those who are looking after the
property well.”

Therefore, Le Long says, landlords
should consider pet owners as tenants on individual merits,
potentially checking ‘pet references’ as well as the
more usual factors. “Pets don’t always ‘damage’ the
house and there are plenty of pet owners who make great
tenants,” she
concludes.

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