I am taking over a property in which the current tenant has been in the property for 9 years, and here is my questions. I prefer to have a security deposit that equals one month of rent, and a non-refundable pet deposit if $350.
This tenant payed $350 for a security deposit back in 2011 and a $350 deposit for his dog the old lease doesn’t not say if it’s refundable if not. The current rent each month is $750. He is a great tenant and very easy, however I’d like to get other opinions on if I should just accept this as a security deposit and give back the $700 when he moves out. Or if I should still to my normal 1 month security deposit, meaning he would owe another 400 for the deposit. Then $350 for a pet deposit that is not refundable, really more of a fee.
Last question, do landlords usually charge a non-refundable pet deposit each year a tenant signs a new lease to help pay for damage the pet creates over that year? Or does it just carry over?
Thank you BP community!