Tenants deposits and pets

[John Reid]

Hey BP friends, I am going to be the owner of a rental property very soon. With that I will be needing to find renters for my unoccupied space. What is typical of asking a tenant to secure a place, First months rent and a security deposit? Also if they have pets, are there restrictions that anyone recommends placing; like no cats, dogs under a certain weight and breed restrictions and a non refundable pet deposit? Amount?

[Ryan Scott Isacksen]

You will need to check what is normal for the area as far as deposit etc.  

You will not be competitive if you are asking what is common in a different state, but overboard for your area.  

Rentals that allow pets are less common (at least where I am) and can be a selling point.  You may even be able to add a $200 pet deposit then have something along the lines of a monthly $25 pet fee. 

I would probably set a weight limit around 25lbs.