Pet Rent vs. Pet Deposits
Pets are a part of many families.
Because animals have the potential to cause damage, however, it's also wise to plan if you decide to allow pets in your rental. Pet rent, pet deposit, or a pet fee can be a way to reduce risk and cover the costs of mishaps. It may also encourage more responsibility from your tenants when they share a rental property with your pets.
What Is The Difference Between Pet Deposit And The Pet Fee
The main difference between the charges is the ability to refund. A pet deposit is a one-time refundable amount that tenants pay to cover damage to rental properties caused by pets. The pet fee is a one-time cost that renters pay upfront to have a pet.
Are Pet Deposits Pet Rent
Pet rent is not a one-time pet fee or deposit. It is a monthly payment in addition to standard rent. Pets can cause more wear and tear to a home than normal, so pet rent can be used to cover additional costs like carpet cleaning/replacement and painting at rental properties that allow pets.
Although both pet rent and pet deposit can be used to cover damage to pets, it is important to remember that they are distinct and treated differently in a rental agreement.
Do I Have To Charge A Pet Deposit
It may be common for landlords to request both a pet rent and a deposit depending on your rental location. Some landlords charge a non-refundable fee for pets instead of a pet deposit.
Remember that service animals and support animals are not considered pets under fair housing law. You cannot charge upfront fees for pet-related fees based upon a tenant's use of a service animal even if your policy prohibits them from having pets.
What Should A Landlord Charge To House Pets
Fees and deposits for pets vary but usually range between $200 and $500. Landlords may charge pet rent at a rate between $25 and $100 per month. You should be aware that there may be laws in some states and municipalities that limit what you can charge.
It is important to keep your rental price competitive and reasonable when setting your pet rent or deposit. You should also include information about pet fees upfront in your property listing details. This will allow prospective tenants to make informed decisions when narrowing down their rental options.
Are Pet Deposits Charged Per Pet
Pet deposits for individual pets are not usually charged separately -- clearly, a pet deposit for every goldfish wouldn't go down well with most renters. The total pet deposit, pet fee, or pet rent can vary depending on how many pets occupy the rental. You may find it more reasonable to charge a higher deposit for two Great Danes than three caged parakeets.
What Is A Pet Addendum
It's a good idea for tenants to include a pet addendum to their lease if they allow pets. This will detail any rules, regulations, or policies that apply to pets. If the landlord signs a pet addendum, they permit the tenant to live with a pet in their rental if they agree that they will be responsible for any pet-related damage.
