Updated over 7 years ago on . Most recent reply
Going Rates for Pet fees
We have not allowed pets in the past, mostly because we have not had any problems finding tenants without pets (but a lot of pet owners asked anyway). We are about to have 3 units in duplexes available for December 1, which is a cold time of the year around here, and not as many prospects for tenants. So, if we allowed small pets (we have a current request from somebody with a Chihuahua), what would be the going rate for extra pet rent? How do you word it in your lease? Extra security deposit as well? For security deposit, I'd prefer to just raise that requirement rather than specify it's a pet damage deposit.
*Of note: the new duplex I am buying that will be available for December has 100% new flooring, to include a lot of carpeting.
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- Real Estate Broker
- Cody, WY
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Studies vary but somewhere around 50 - 60% of renters own a pet. If you immediately refuse pets, you lose out on a large portion of the rental market.
Most pet owners are good people, just like you, and they will take care of their responsibilities. I allow pets whenever possible and good tenants are good pet owners. I rarely have a problem. It can be hard for a pet owner to find a good rental that will accept their pet so they are usually willing to pay more and then stay longer.
Make sure you use the right language. A "fee" is not refunded. A "deposit" is refundable.
You can research your market to see what it supports but generally a non-refundable fee up front and then a slight increase to rent every month.
- Nathan Gesner
