Nowadays, more and more people consider renting rather than buying. But these trends are changing and Millennials are leading the change. One of the surprising reasons may not be something that would first come into mind. That reason would be Pet ownership.
Our pets are considered part of our family. Having them greatly affects the decision of families all around the country. A large number of American Household in the United States owns a pet. According to the 2017-2018 National Pet Owners Survey conducted by the American Pet Products Association (APPA) 68% of US households owns pets, that’s equivalent to 85 million families. Result from a recent survey says that having pets outranked marriage and having kids as motivators of having your own home.
Renting out an apartment if you have a pet is very difficult. Some landlords would right away say no to having pets in the apartment. Also with renting, Property managers would usually have tons of restrictions to your pets and not to mention the large amount of fees that goes with it.
Most pet owners feel that it would be “inhumane” to keep animals in cooped up space and feel the need to have some space for the furry(sometimes scaly) friends. Millennials are more aware and educated about the environment and the natural world, which includes animals so they would want to have their pets live more freely than in a small building or apartment. Gone are the days where responsible pet ownership means punishment and choke collars. Nowadays we know that pets respond better if they are given positive training and a more natural environment.
Buyers would often inspect the house and go straight to the backyard to see if it would fit the lifestyle they imagined with their pets.
But it’s important to remember that even when buying a home, there are going to be some restrictions, although this would comparatively be less than renting. Buyers need to be honest about the information on their pets to their HOA and to their home insurance agent. This is of course to protect themselves from denied coverage and risks of extra charge.