Pet Fee at Move In & Pet Rent Monthly

[Lorien Rollins]

In my experience managing apartment communities, we have charged renters a pet fee (nonrefundable) at move in AND a monthly pet rent. 

I'm renting my SFH for the first time and am unsure how to charge the future renters for their two (larger) dogs. What do you all recommend for the Denver NC area? I was thinking $200 move in fee for each dog and $20 monthly per pet. Reading past forums but unsure of current conditions.

[Kevin Sobilo]

@Lorien Rollins, I appreciate you calling it a pet "fee" since its nonrefundable. So many people call it a pet deposit and confuse folks because other deposits they give are refundable.

First off, what is your goal with allowing pets? My goal isn't to make additional income, its to attract and KEEP good tenants. Finding pet friendly rentals is a challenge. So, a pet owner might be MORE reluctant to move and decide to stay longer. Less vacancy means MORE money for me because vacancy/turnover is expensive. So, that is my goal.

Also, for an average tenant, move-in money is a struggle because it can be a lot for them to come up with at once. So, I also charge money at lease signing in addition to pet rent for that reason.

At lease signing, I charge a $50 pet cleaning fee (nonrefundable) as I anticipate some extra cleaning at the end. I only require my units be broom clean when turned back over to me so there generally is some pet related cleaning to be done. I also charge a $250 pet deposit (refundable). That is a flat $250, not per pet. Again, I'm not trying to make money on pets.

Then I also charge $25/month per pet in pet rent. Obviously that is not refundable.

You would think I will make money on the pet rent. However, the way I look at it is that the money I collect in pet rent will offset any monies I cannot collect from this tenant OR OTHER tenants beyond what their pet deposit covered because there will be instances where more damage occurs. So, in this way the pet rent is acting as an additional insurance not only for damage by this tenant's pets but also for other tenants pets against damage.

I feel as though I do still end up ahead but I supposed on serious set of damages could swing the pendulum the other way. Overall I'm satisfied with my approach because I feel reasonably well protected and that tenants will want to stay knowing how hard it is to find other pet friendly rentals.

On a side note, I don't allow larger pets. It helps be avoid the issue where insurance companies won't cover dogs on their "dangerous dog list" living on the property. I don't have to police breeds just size which is more cut and dry.