Pets Fetch a Premium Price

In cities such as New York or San Francisco, pet properties are a premium and allowing dogs can add dollars. “Pet owners — especially dog owners — have fewer choices than other renters or buyers and are more likely to pay a premium” for their animals, said Sandra Manley, the training and development manager at Realty Collective. Ms. Manley estimated that units in pet-friendly buildings could fetch 5 to 10 percent more than similar-size units in pet-free buildings. One real estate broker indicated that “no dog” policies can reduce the value of an apartment by as much as 5 percent.

Wendy L. Richardson, an associate broker with Brown Harris Stevens, said, “ ‘No dog’ policies do limit your scope of interested buyers to only buyers without dogs. Therefore, you have potentially less interest in your apartment when you rule out this part of the population.”

An analysis of pet policies and prices by the real estate appraiser Miller Samuel found that apartments in buildings that allowed dogs generally sold for more money, but since 76 percent of buildings permit pets (at least to some extent), it would be hard to blame pet rules alone for the spread. Interestingly, buildings that ban dogs weighing more than 50 pounds command the highest prices, according to the Miller Samuel analysis.


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