Wondering how others charge for allowing tenants to have approved pets.
There are many different ways to charge a tenant for allowing a pet: Flat additional rent per month, higher security deposit, pet admin fees, fee per pet, fee based on the weight / breed of pet, etc.
We have tried several different ways and found that charging an upfront non-refundable 'pet admin' fee works best for us. We also charge a disclosed fee against their security deposit at the time of move-out for us to perform a black-light test on the property.
What works best for you?
What can you find with the black light test?
A black light will clearly show pet urine in carpet, along with many other things.
Up front non refundable. I have had to many times that a tenant moves out and only after I start cleaning do I find pet problems. It's probably the most unfair way because some people are so good with their pets and then there is those other people. But they love their animals and are glad to pay.
Upfront non refundable is the norm around my area. Some places charge a monthly fee in addition to the pet fee. But, I don't do that. It's keeps me a little more competitive.
We do extra security deposit, and additional p/pet p/month fee... I've toyed with the idea of up front fee instead of security deposit, but we haven't done it yet.
we do either a $50 a month pet rent or a one month refundable security depsoit. This way our tenants have choices. Most people would rather due the pet rent but you get the other occasionally too!
Do a one time non refundable Pet fee per pet (i.e. $500/pp). Don't call it "deposit" or so because you are dropping into "deposit regulations" bucket. The pet really doesn't use more heat or water or anything else to go through the pain of monthly rent. Also if they do damage, you're already covered by the fact it's non refundable PLUS you will use the tenant's regular deposit to cover.
Extra security deposit. Completely refundable if no damage.
Thus, a tenant with pets pays 1.5 months rent as security deposit. We also stipulate that dogs shouldn't be left home alone for extended periods. When they're lonely they chew on our woodwork.
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