The 411 On Pet Deposits, Fees, And Rent
There are a lot of things to consider when it comes to allowing tenants to have pets in your rental properties. A lot of people consider their pets to be a part of their family and say that if a rental property doesn’t allow pets, that alone would be a deal-breaker for them. However, from a landlord’s point of view, animals can be very disruptive to the building or neighborhood, cause damages to the property, and can be huge liabilities if they attack people or other pets. The American Veterinary Association estimates that 50% of renters have pets and that 35% of those renters without pets say they would definitely get a pet if their landlords allowed it. Wilson Property Management LLC understands both sides of this dilemma, so we have put together some useful information to help both tenants and potential renters understand the lingo behind pet policies.
A pet deposit is a one-time charge that a tenant pays upfront for having a pet live in their rental property. These ensure that the tenant cleans up after their pet and takes extra precautions to make sure that their pet doesn’t damage the property. Pet deposits are typically fully or partially refundable at the end of the tenant’s lease if there is no damage. If there is damage, the landlord will need to send the tenant an itemized list of how much was spent to repair the pet damage, which justifies keeping all or part of the pet deposit, just as one would do for a security deposit.
A pet fee is a non-refundable payment that may be a one-time payment or might occur monthly. If a pet fee is charged, the landlord keeps the money regardless if there is pet damage or not. A pet fee is simply the admission price to have a pet in the rental and it doesn’t typically cover any damages the pet might cause. If a pet fee is charged, that money is kept whether there’s pet damage or not.
Pet rent is just like a tenant’s rent — it is simply an additional amount of money added to the regular rent to pay for the pet or pets that reside there. Many property managers and landlords charge a recurring monthly “pet rent” in the amount of $50-$100. The amount charged through Wilson Property Management LLC can vary depending on the type of pet, the size of your pet, or the number of pets that live there.
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The decision to charge deposits, fees, or rent for pets is totally up to the landlord or property manager. Wilson Property Management LLC offers several pet-friendly properties for those interested, as well as properties that do not allow pets for those who do not care about having a pet in their home. Contact us today to learn more about the WPM housing we have available!