In New York, 49.7% of households own a pet. Not to mention, there are plenty of support animals in the population too.
You might want to exclude pet owners from being tenants to protect your property. But the fact is, you're basically excluding half the state's people from your pool of renters.
If this has you rethinking your rental pet policy, then you'll want to weigh things carefully before making a decision. Keep reading for a few pros and cons of allowing pets in a rental property in NYC.
Pro: You'll Lower Turnover
It's challenging to find landlords that allow pets in NYC, so renters will be less inclined to stay on a short-term basis. They'll want stability for themselves and their furry friends, so they're more likely to stay in a rental property for an extended period.
This means you'll earn a more consistent and higher income. There will be fewer vacancies, and you won't have to market your rental and vet tenants as much.
Pro: You Can Charge Higher Rent
Pet-friendly properties are far and few, so people are willing to pay higher rent to secure accommodations.
This means that if you're in a neighborhood with fierce competition, you won't have to worry about a lack of tenants. Renters will be more than happy to pay a premium to put a roof over their pets' heads.
Pro: You're More Likely to Get Good Tenants
Since pet-friendly accommodations are hard to find, you're more likely to get renters who will take excellent care of your property. In addition, they'll probably be better at paying rent and maintaining cleanliness.
Not only does it take more responsibility to be a pet owner, but they'll also want to stay in your rental for as long as possible. These things will motivate them to be reliable and responsible tenants.
Con: Pets Can Cause Damage
If you get renters with untrained pets, they can potentially cause damage to your units. Even well-behaved animals can scratch floors, cause stains on carpets, and chew on furniture. This can result in additional repair and maintenance costs.
However, charging higher rent and a pet deposit (on top of a regular deposit) can help you cover your costs.
Con: They Can Cause Disturbances
Dogs may bark when they're distressed, and they may get out and make other tenants feel threatened. In addition, other renters may have allergies and health conditions that can be exacerbated by exposure to animals.
This can discourage people from renting your units. You'll have to do some estimations to see whether you'll have a bigger pool of tenants by having or not having a tenant pet policy.
Should You Allow Pets in a Rental Property?
After reading some pros and cons of allowing pets in a rental property, you can make a better-informed decision.
Essentially, allowing pet owners to live on your property can expand your potential tenant pool. While there are some drawbacks to having animals in your units, these are easily mitigated by adding a pet deposit and raising rental prices. So you should consider being a pet-friendly landlord, as this will give you a huge competitive edge.
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