Pet Deposits And Extra REnts
I have searched through past threads re. pets and rentals, but couldn't find out how much extra security deposits people are charging for pets. I've charged $100 extra pet deposit and $25/mo in the past, but I'm not sure that is going to cut it. Just curious what others are doing . . . Most of my applicants have at least one pet, some more. Do you charge per pet?
TIA for the advice!
Yes, charge per pet. I have not dealth with this as I am new, but I know others who charge $100 - $150 per pet (depending on the pet and size of pet.
Keep that extra money for replacing the floor or carpet if you can since thats the biggest threat from most pets.
Colin
Anybody else?
My lease requires them to have the carpets steam cleaned before they move out, but I was thinking the extra deposit would be to have MY carpet cleaning guy (who can do miracles) do the carpets again. Depending on the size of the place, $100 won't even cover most of my units.
How much are your pet deposits/fees?
I charge and additional 1/2 month security deposit OR $25/mo non-refundable rent increase.
Typically this is for 1-2 pets. I haven't run across anything more than that.
My property manager charges $250, some of which may be refundable. That is for one medium size pet.
However, you should check with your insurance company before you allow pets. I am a pet-lover and wanted my tenants to be able to keep their pets, but my prop mgr said that some insurance companies will limit coverage for pet damage, or they may require a higher premium from you for allowing pets.
Worth checking.[ Edited by CherylinCalifornia on Date 09/29/2004 ]
I just moved two weaks ago due to the hurricanes and my landlord charged me a flat $100.00 deposit for a large dog but my home has tile floors throughout the house.some people don't concider the pet is part of the family and i have no children left at home,sometime kids do more damage then pets.also don't forget the higher you go on the pet deposit you might lose a good renter.
I charge a $400 non-refundable fee (that's if it is the right kind of pet).
Most places in my area aren't accepting pets so I can charge that much. You need to see what the market is doing in your area.
I also put a $75 pet discovery clause in the lease.
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What's a pet discovery fee???
You charge for "discovering" pets at the premises without permission.
This ends the old "it's my friends pet" deal.
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I actually specify that as ground for terminating their lease! I'd rather get paid for it if it's a realiably-paying tenant, though!
I charge $100 per pet and treat this amount just like the regular security deposit. I also don't let every pet in. The largest dog I allow is a Lab. I think the pet deposit should be more, but I'm not comfortable raising it just yet. Maybe next year.
DOes anybody out there charge more than $100?
$400. I thought I said.
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Sorry! I do see a couple answers already posted.
It's been a loooooooooooooong day!
:o)
I charge a $350 pet FEE -not a deposit. This is now my money. Also it does not transfer with a sale of the property as do deposits. I charge an additional $100 to $150 for additional animals. This is permission to have an animal in my unit. Be sure to include a Pet Agreement Addendum in the contract. This stipulates their obligations i.e. cleaning up, keep on leash, properly licensed, etc... Allowing pets broadens your ability to rent to good people who otherwise are turned away. An appropriate fee and agreement generally keeps a bad animal away.
And no, it is not only the carpet they do damage to. It is window sills, baseboards, yards, fences, and you name it!
There may be limits imposed by law on what can be charged. I don't allow pets, but if I did, I would charge the maximum allowable. I had a tenant who had two pit bulls unbeknown to me. They caused well over $1000 in damages to hard wood floors, doorways and carpets.
What does your local landlord tenant law say on the subject? MD does not permit non-refundable deposits nor allow separate pet deposits. All pet deposits are treated as additional security deposits. Security deposits can not exceed two months rent.
Here in Georgia there isn't any mention of a maximum for the security deposit. As a matter of fact, here is was the code says about keeping the security deposit:
Quote:Nothing in this Code section shall preclude the landlord from retaining the security deposit for nonpayment of rent or of fees for late payment, for abandonment of the premises, for nonpayment of utility charges, for repair work or cleaning contracted for by the tenant with third parties, for unpaid pet fees, or for actual damages caused by the tenant´s breach, provided the landlord attempts to mitigate the actual damages.
The emphasis is mine. So the code specifically mentions pet fees. Looks like we are free and clear in Georgia.
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Here's what I found for California in general:
Quote:A landlord may not demand or receive security, however
denominated, in an amount or value in excess of an amount equal to
two months' rent, in the case of unfurnished residential property,
and an amount equal to three months' rent, in the case of furnished
residential property, in addition to any rent for the first month
paid on or before initial occupancy.
Notice that if you "furnish" the rental you can raise the security deposit by one month's rent. Who knows what the hell "furnish" is defined as.
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I have SFH in Va, Md, + DE. I have had Professionals use their apps. and/or leases in several of these locs = good way to quickly see what is legal + norms. Check w/them to see what the standards are for your area ... down to the County level. Oftentimes there is a local law (Md, Mont Co.-elderly). My areas = 350. refundable per pet, 300.00 NON refundable per pet. I see in the Wash Post - 300. per pet dep. plus 25. per month rent as an avg. We have a strong rental market here. It really boils down to the market and laws. P.S. Pets affect your systems by way of shedding no matter how good they are.