NORTHERN Rivers residents may one day be able to keep their furry friends in apartment buildings as lawmakers are urged to introduce new strata property laws.

Australia has for years possessed one of the highest rates of pet ownership in the world, but recently this has seen a significant drop, with the finger being pointed at unfriendly strata policies for the decline.

Body corporate leaders say the benefit of pets is becoming clear, and they need to be governed by flexible, common sense laws.

NSW State Manager for Ace Body Corporate Management, Andrew Jakes, says owners in New South Wales have a right to laws which make it easier to live their desired lifestyle.

"The key thing to understand is that apartments are no longer an investor's paradise, and with more and more families and owner-occupiers living in apartments, the demand for pets has skyrocketed," Mr Jakes said.

"Blanket pet bans in apartment buildings are an unfortunate fact of life for many pet-loving apartment owners in New South Wales, and it's something we're hoping to see change very soon."

Mr Jakes said pet-friendly apartment strata schemes can also be friendly to owners' hip pockets.

"There is a strong correlation between buildings allowing pets and better apartment values."

"Some industry experts have estimated that apartment buildings unfriendly to pets could cost owners 20% of the value of their properties."

He also said pet-friendly apartment buildings have been shown to produce longer leases, higher rents, smaller vacancy rates and more loyal tenants.

Mr Jakes says the RSPCA has a list of breeds of dog that are more suited to indoor living than others and all pet loving apartment owners should visit their website, and do their homework.