Rental policy, pet deposit or pet payment?

Question

Hey investors and landlords, what do you think pro and cons, rental pet one time deposit or monthly addition to the rent for each pet? We are curious as to what people prefer and why? We are about to rent a higher end finish house and wonder what the safest route is.

Andrew P Angerer · Answer

The way we do things are as follows:

1. Non-Refundable Pet Fee of $250 per pet due at same time as deposit.

2. $25 monthly pet rent for each pet added to rent.

3. 40 pound limit on pets and no more than 2 at any given time.

Also, we only allow pets on rentals that have a yard (ex. SFD)

Hope this helps.

Lori Williams · Answer

I allow dogs and cats, and might allow something else, depending on what it is. And I allow it because I'm an animal person. I have a dog and I have cats and I have a raccoon, perfectly legal and permitted in my state because it is captive bred.

I charge $500 to $600 per pet as a pet deposit.

I charge $25 to $50 per pet rent

All pets must be spayed or neutered and be up to date on their shots and I require this proof before they ever move in because I got burned this last time I didn't get the proof beforehand

I require them to have a $20,000 insurance policy against any damage the pet does to the property. That's a new one, caused by this last family that was a pet nightmare. I don't know where they can get such a policy, I don't know if rental policies allow for it or if you have to get an umbrella liability policy, but I want to know if the house is jacked up that I'm going to be able to fix it.

I'm tired of the people scamming to get out of pet deposits by having the fake emotional support animal papers that they can get online after a paying for a one hour consultation with an internet doctor. I had a couple who made over $150,000 between them apply for my $1,300 rental and they led their inquiry with "we have three emotional support animals with certificates." Fortunately my house is not large enough for three large emotional support animals.

Terrell Garren · Answer

I love the smell of pet urine when I buy. I refuse to smell it during turnover.  Never had a problem finding good renters sans pets.  Just IMO and I certainly understand why people allow pets.

Andrew P Angerer · Answer

We are matching Tim on our policy.  We charge 250 per pet fee and 25$ a month pet rent.  We also have size limits on Dogs and Lamas.

Tim Miller · Answer

@Jake Lapenter We allow 2 pets max with a $300 first pet & $100 for 2nd pet "NONREFUNDABLE FEE". Clearly stated in the ad and in the lease. We also charge $35 a month per pet but we do not break it out in the lease. This is due to the courts not willing to enforce the pet rent sometimes. If the tenant has one pet and the rent is $1300 the lease will state the monthly rent is $1335 a month.

It sounds like you have some money tied up in this house with higher end finish. I'd charge the extra monthly fee and the nonrefundable fee as well. It's better to be safe than sorry.

Jake Lapenter · Answer

Lynn, this is the kinda of input I was looking for, thank you! Yes, that is the worry, I mean I wouldnt want to pay more if my pets were clean and did not actually create a bunch of damage, it is hard to know how the pet owner is, do they take the dog out to walk? or is the pet locked up all day......

James Herald · Answer

I would go with an upfront fee. As Charles mentioned, a "deposit" gives off the idea the money could be returned at some point. I'm a pet owner myself, so if they like the property I doubt the fee will be a dealbreaker (if it's not excessive). Just my thoughts.

Lynn McGeein · Answer

I used to do an additional refundable pet deposit and no extra pet rent, but due to the recent trend in emotional support animal letters, I no longer have an extra "pet deposit," just raised my total securty deposit overall for everyone, as you can't get a different deposit for an ESA or support animal.  When I was a tenant, it aggravated me to have to pay extra for my dog who was better behaved and cleaner than most children, and my tenants appreciate the fact that I understand that and don't charge them extra. I think it helps me retain long-term tenants, as well.  I let one add a dog door out to the back yard (at their own expense) and they've been there 5 years now.

Charles Carillo · Answer

@Jake Lapenter

If you take a pet deposit; there is anticipation of the deposit being returned. If there are problems with the property at the end of the lease; you need to go through the process of claiming those against the deposit. It might be easier to just request a $250 or $500 upfront fee or just add $25-$50 to the rent. There is going to be more wear on a property if there are animals in the property; even if you do not catch it upon move out.