Americans love their big cars and big houses, but they also love their cute little pets. A Pew Research poll shows more than half the nation owns one. Further, 97% of those owners treat them like family members.
As any landlord with a negligent pet-owning tenant can attest, though, pets can be a pain. They scratch up floors and stain carpets, yet many tenants would turn down a place that didn't allow them. So should you permit them on your property or not?
Permitting pets in a rental property is going to be a personal decision, but we are here to help you decide. Here are the pros and cons of allowing pets in New York City.
Pro: Pets in a Rental Property Raise Rent Potential
Straight out of the gate, one of the biggest benefits of allowing pets is a financial one. Apartments that allow pets command the highest premiums.
Housing is scarce as it is, and pet-friendly rentals even more so. People won't get rid of their pets, so they'll pay extra to get a place that allows them.
Con: Maintenance Costs Are Higher
Homeowners spend around $6,000 on repairs and maintenance, and that's before factoring in pets. If you allow pets, prepare to deep clean the carpets and hardwood floors more often.
Pets have claws and poo where they please, two things that won't ever change. Even if the tenants take very good care of them, there is still going to be fur and dander clogging the A/C filters.
Pro: You'll Find More Tenants
There's nothing worse than trying to attract tenants in a tough market. Even with the housing crisis, your rental could be sitting empty for months.
Allowing pets makes your property highly desirable to those looking for a place to live. If you have a place that hasn't been getting many viewings, consider changing your rental property policies to permit Fido et al.
Con: Service and Support Animals Don't Count
Just because you have a policy against pets doesn't mean animals won't live on your property. Your tenant may have an ADA disability that requires them to use a service dog.
A disabled tenant has no legal obligation to report this service dog to you before signing the contract. In fact, you cannot even ask for official documents or about the dog's purpose. Nor can you take the deposit to recoup the maintenance costs.
This is why it's important to know the difference between service animals, ESAs, and pets.
Make the Most of Your New York Property
Pets in a rental property come with a ton of benefits, such as allowing for higher rent. Pet-friendly rentals also tend to get snapped up faster than the competition. On the other hand, you'll have higher maintenance costs and your hands will be tied if the tenant has a service animal.
PMI Paramount in New York City meets your unique needs with decades of top-notch customer service. Our full suite of services ensures you get top dollar for your property. Get started by using our free rental analysis.
