Recent research confirms we Kiwis really love our pets, showing how far we’re prepared to put our money where our mouths (and hearts) are.
PD Insurance surveyed 2,000 customers over late September, asking 20 questions about their pets, financial implications of pet parenting, pet health concerns, and much more. The research revealed many interesting insights, but what especially stood out is that tenants with pets are willing to pay considerably more for rental properties that allow their pets.
“Kiwi pet lovers will often pay more for their pets than we realise, sometimes in somewhat surprising circumstances or scenarios,” smiles PD Insurance COO Michelle Le Long.
“Most of us accept that pet parenting comes with responsibilities and costs, which include food and health expenses. But investment property owners might not realise that pet parents will readily pay more in rent and are also happy paying extra for getaway stays.”
Rent and pets
Those with furry family members often find securing a rental property much harder. There is a commonly held perception among landlords that pets damage property – but, while in some cases that may be true, ‘there are pets, and then there are pets’.
“Those who have a good record of looking after not only their pets but the properties they have rented in the past may see some lenience from landlords,” notes Le Long.
“However, there are plenty of not-so-keen landlords out there and we think they could reconsider once they realise just how much extra pet-loving tenants are willing to pay.”
In fact, of those who rent a property, 5% were willing to pay more than $500 extra every week for a pet-friendly place! The most common response, however, was being willing to pay $50 more a week in rent, at 50%. 22% are willing to pay $100 more a week and 3% will pay up to $250 extra. Perhaps most notable is that just 20% aren’t willing to pay more.
This, Le Long says, is important intel for landlords. “Pet parents appreciate there is a risk and a potential overhead that comes with their furry charges. When seeking out new tenants, landlords should perhaps consider working out special arrangements for those with a cat or dog or two and then everyone benefits from a win-win situation.”
Hitting the holidays
As the summer holiday season approaches, questions about vacations and pets were on the cards in PD Insurance’s research, too. A slight majority of Kiwi pet parents insist on Fido and/or Fifi coming along, with 52% taking the furbabies on the family break.
“This is quality intel for holiday accommodation landlords,” says Le Long. “If your property is pet friendly, it instantly has greater appeal for a significant number of pet parents.”
It works in reverse, too.
Some 39% of those who take pets on holiday say they have cancelled a trip because they couldn’t secure a kennel or cattery or get someone to look after the furkids while away.
Le Long says, “Accommodation providers – especially those where the proprietor is a pet lover themselves – could consider offering an in-house ‘pet care’ option or make some sites, rooms or suites pet friendly.”
“The same goes for restaurants; many people love having their pooch along. Plenty of restaurateurs offer a water bowl and other amenities for their furrier customers; perhaps more proprietors should take a chance on catering to cats and dogs.”
The ‘regular’ expenses: Vets and health
Le Long acknowledges that people generally know about and budget for the plethora of costs associated with the privilege of pet parenting. However, health can be different.
“Our research also showed that, some 83% of our customers would be concerned if faced with an unexpected $1,000 vet bill and didn’t have pet insurance. 48% say they would be very concerned. We imagine this is reflective of the general pet parent population, the vast majority of whom don’t have pet cover.”
Sadly, 12% of the 2,000-odd respondents said before they signed up for pet insurance they had put a pet down because they couldn’t afford vet treatment. Now, pet insurance provides them with cover for a range of pet medical bills they won’t have to worry about.
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Published: November 2023