Advantages Of Being a Pet-Friendly Landlord

For many landlords and property management companies in New York City, the decision in allowing pets is a tough one.  Some of the decisions for not allowing pets involve noise complaints (dogs barking) or damage to the property (damage to walls, floors, carpeting etc.).  As a result of not allowing pets, it is being reported by a nationwide study that landlords are decreasing their chances of increasing their overall profitability of their investment. The study which was conducted by Firepaw, a not for profit organization that promotes animal welfare through research found that owners of properties that are pet friendly towards their renters will see an increase in revenue overall.  The study found that pet owners are reluctant to give away their pets and will pay a premium in order to keep them.  Also, renters are deciding to keep their pets more than ever as the amount of pet owning renters has increased to 75% from a low of 43% in 2012.

The study indicated that there is a rental premium between housing accepting animals and those that do not between 20-30%.  Another aspect was turnover was less with tenants will pets.  The study showed that tenants significantly longer in pet-friendly unit.  The report indicated according to the survey that tenants would stay an average of 46 months in pet-friendly environment in comparison to 18 months in prohibited units.  Other factors that are considered when deciding on having a pet-friendly building would be having more applications for units, lower vacancy rates and less amount of money for the marketing of units due to increased demand.

The Firepaw study indicates that the damage resulting from pet is actually a lot less than perceived.  The study showed indicates that 85% of landlords permitting pets reported having some amount of pet-related damage at some time.  However. the damage was normally covered by the pet deposit.  The study found that the difference between damage for non-pet owners to pet owners was less than $40 overall, with an average for $323 in damage for tenants without pets and average of $362 for tenants with pets.

With rents being of significance in the New York City region and razor thin margins for profitability many property managers and landlords worry about the damage that can occur from having pets on their investment properties.  Increased insurance charges and liability for dog bites are also concerns.  Most of the concerns can be addressed by the premium rents received from tenants who are in need of pet-friendly housing.  Also by addressing your concerns by picking up a deposit for pets should offset any damage to the property at the time of the turnover.  For most landlords and NYC property management companies it only looks like a win to allow pets in their properties.

If you are looking for property management services in the New York City area, Blue Harbour Property Management may be the company that will best fit your needs.  Whether you have a 1 bedroom condo or a multi-unit high rise apartment building, we can assist you in maximizing your expectations.  We are a full service NYC commercial and residential property management company servicing the areas of Queens, Brooklyn, Manhattan and the Bronx.

http://www.blueharbourpropertymanagement.com/advantages-pet-friendly-landlord/