Why There Needs to be More Pet-Friendly Rentals in NYC
Pet-Friendly Rental Guide for Beginners
New York City holds the title of one of the most dog-friendly places in the US. With over a million pets in the city, you could assume that every third person living there has a pet. Out of all of the critters, more than half of it is dogs. Followed by cats which numbers are around half a million, and other creatures as well. Putting all of that in perspective, you’d think that a lot more apartments for rent in New York City would be pet-friendly.
Unfortunately, that’s not the case. Many investors do not like the idea of renting their apartment to a pet owner. There are so many circumstances that cannot be predicted, so they don’t want to take chances. However, what many landlords fail to notice is the massive potential in this (unfairly) disreputable market. Find out why you, as a landlord, should also make your real estate for rent in NYC pet-friendly.
You Will Have More Long-Term Tenants
Pet owners who have to move away from their family or their current home have a tough time. Not only do they have the difficulties of finding a pet-friendly apartment, but they also have to do it quickly and safely for the sake of their pet. Statistically speaking, pet owners are more likely to become long-term tenants. There are several reasons behind that:
- Pet-friendly apartments that tick all of the boxes (location, size, price, amenities) are tough to come by
- When pet owners find the perfect apartment that fits their budget, they will not risk moving soon and putting even more stress on their furry companion
Studies have shown that pet owners stay tenants 2.5 times longer than regular tenants, an average of 48 months
Your Property Will Rent Faster
By enforcing a no-pet policy on your apartment or house for rent, you are excluding more than a million people in New York. Think about all of the times your apartment has been vacant. How much money could you have made if it was pet-friendly? Making an apartment or condo in New York City for rent pet-friendly significantly decreases the vacancy rates. To put it into perspective, the vacancy rate of pet-friendly real estate for rent is only 10%. When you weigh in the pros and cons of renting to pet owners, the benefits outweigh the risks by a lot.
The Rules are Entirely up to You
Do your research on the rentals around your area. Do they offer pet-friendly condos and apartments? If that’s not the case, then you may raise the price for your pet-friendly property. Responsible pet owners are also accountable tenants. They will go above and beyond to get the perfect place for them and their companion. This fact means that they won’t mind paying a little more in this competitive market. Besides the regular deposit, you can also ask for a pet deposit, which could cover any damages that the dog or cat made. An even more popular thing is “pet rent.” Pet rent is non-refundable, and it comes to your monthly income. Just make sure you do your research on security deposit laws and how much you can charge for the pet rent and deposit.
You are Helping the Community
Pet owners and animal lovers have one thing in common. In essence, it’s the feeling of community and altruism that they share with the world. By becoming a part of the pet-friendly group of landlords, you will gain respect and recognition from the animal-lovers. Many people in these groups believe that you are saving their pet’s life. Many people come to the sad and desperate conclusion that to move into New York City – they have to abandon their pets. This decision is due to the lack of affordable pet-friendly condos. As a result, each year, approximately 1.5 million shelter animals are euthanized throughout the US. Luckily, the numbers have been on a steady decline in the past decade. You, too, can be a part of that positive change if you opt for renting to pet owners.
Making Your Rental Pet-Friendly in New York City
When you decide to make your rental pet-friendly, there aren’t many things you have to do. Prepare for some damages that are probably inevitable. In almost all of the cases, they’re repairable with the money from the pet deposit. This guide is supposed to teach you about the benefits of opening your apartment up to the broader market. It all has its advantages and risks, but the most significant benefit to you should be that you will probably find a long-term and responsible tenant.
Finding Pet-Friendly Apartments for Rent in NYC
If you’re a pet owner by any chance, you’ve come to the right place. It doesn’t matter if you’re looking for a new home in Manhattan, Brooklyn, Queens, or Bronx. AA Real Estate NYC has plenty of pet-friendly condos for you to choose from. A real estate representative from Downtown Manhattan can help you find the perfect home for you and your furry friend. Apartment hunting in NYC is a lot easier when you have experts by your side. Contact your closest real estate agency in Manhattan today.