Chicago Pet Deposits

[Tim Coppola]

I am getting ready to rent my first apartment and have a question about taking a pet deposit. I wasn't originally going to accept pets but I have met a prospective tenant whom I feel good about and they have an 8 year old cat. I'm going to allow it for an additional $300 pet deposit. 

From everything I have read in terms of Chicago and security deposits I have personally decided to charge a non-refundable move in fee as opposed to a security deposit. Do those "rules and regulations" apply to pet deposits as well? If I put in the lease that there is a pet deposit do I have to put it in a separate account? 

Thanks in advance for your responses.

[Mark Ainley]

@Gautam S.Use the word "Non Refundable Pet Fee" or "Pet Rent" if it is monthly!