Security Deposit/Pet Deposits

5 Replies

Looking for advice on security deposits and pet deposits in the Central Illinois area. 

How much should I get for security deposit? 

Should I get a nonrefundable pet deposit ? and/or addtional $ per month? 

I don't have a real good feel for the rental market yet.

Typically ( at least in my area), a non refundable pet deposit is required. Usually to the tune of around 300.00. In addition, a recurring monthly charge of between 20-50 per pet is common. If you are going to allow renters to keep pets on your property, it would be wise to protect yourself from damages that pets inevitably cause. Hope this helps..

One month's rent is pretty typical for a security deposit.

As far as pets go, I typically do $250 as an additional deposit. I sometimes give people the option to do an additional $20/mo of rent if they don't want to put up the additional deposit. The break even is about 6 months which is worth the risk to have that extra rent every month from that point forward.

One month's rent is pretty typical for a security deposit.

As far as pets go, I typically do $250 as an additional deposit. I sometimes give people the option to do an additional $20/mo of rent if they don't want to put up the additional deposit. The break even is about 6 months which is worth the risk to have that extra rent every month from that point forward.

@Jeremy Zindel

Thanks for the info Jeremy, do you have any restrictions like number of pets or size?  

By the way I get through Decatur often for work. 

Originally posted by @Dan Remmert:

@Jeremy Zindel

Thanks for the info Jeremy, do you have any restrictions like number of pets or size?  

By the way I get through Decatur often for work. 

 I don't allow cats at all (there is no amount of money you can pay me to try to get cat pee smell out of a house). For dogs, I never allow more than two, sometimes just one. 

As far as size, I usually just say small/medium size dogs considered. The big thing is restricting "aggressive" breeds. Check with your insurance company on this one. Many of them do not cover liability claims if it involves certain breeds that are deemed to be "aggressive" so you absolutely have to be on top of this one. There are insurance companies that do no discriminate against certain breeds but it usually costs a little more. Only once have I allowed a dog that fell into this category and paid the additional premium. 

The other big thing with pets and insurance is to require your tenants to carry there own renters insurance that has liability coverage with you listed as an additional insured.