Investor · Herndon, VA · Member since 2013 · 56 posts · 7 votes
Hey all,
I wanted to see what everyone did when it came to pet deposits. I was wondering if anyone did different amounts depending on size and variety/breed of pets.
Real Estate Investor · Los Gatos, CA · Member since 2014 · 226 posts · 89 votes
11y
Yeah you will still need to shampoo carpets and remove pet dandruff or whatever when they move out. Your next tenant might have pet allergies and you're on the hook. I always explain it like that to my tenants with pets if they whine about the "size" of that fee. Same for those who smoke inside, I take it off their deposit, because honestly I have to put a fresh coat of paint to cover up the "yellow" on the walls.
Investor · Middletown, NJ · Member since 2008 · 2k+ posts · 1k+ votes
11y
$300 extra security deposit (I no longer call it a pet deposit), plus $25 extra rent per month per pet. In our rental condos, no pets over 25 pounds are allowed anyway.
Investor · Newark, DE · Member since 2014 · 68 posts · 24 votes
11y
@Ryan VanPatten 250 is what I use as a pet deposit, but I only allow dogs over 25 pounds. If I did allow larger breed I'd probably ask for an additional "pet rent" to cover carpet and hardwood floor wear and tear.
Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
11y
@Ryan VanPatten No pet deposit here. Only pet fee and pet rent both on a per pet basis. No difference for size of pet.
I've found that if a pet damages a unit the extra $ makes little difference one way or another. I already have a SD so adding a few hundred dollars for a pet did nothing for me. If there was damage the SD covered it or did not and the extra few dollars didn't really make a difference one way or another.
To really protect yourself from pet damage you would need several thousand to cover one destructive pet which my market will not bear. I use the pet rent and pet fee as a dollar cost average against pet damage above security deposit. So far I'm ahead.
Real Estate Investor · Los Gatos, CA · Member since 2014 · 226 posts · 89 votes
11y
I do standard non refundable pet fee of $250/pet. Deposits are subject to holding in different account and paying interest etc etc. People got sued and lost for not properly managing deposits.
Investor · Herndon, VA · Member since 2013 · 56 posts · 7 votes
11y
Thanks all for sharing.
Thanks @Bogdan Cirlig for mentioning the deposit situation. This is something I've been meaning to look into more.
This is the first time I'll be charging extra for having a dog. I believe I am going to do a small addition to the security deposit along with higher rent.
Real Estate Investor · Los Gatos, CA · Member since 2014 · 226 posts · 89 votes
11y
Yeah you will still need to shampoo carpets and remove pet dandruff or whatever when they move out. Your next tenant might have pet allergies and you're on the hook. I always explain it like that to my tenants with pets if they whine about the "size" of that fee. Same for those who smoke inside, I take it off their deposit, because honestly I have to put a fresh coat of paint to cover up the "yellow" on the walls.