1st time renewing lease, do I ask for another pet deposit?

[Ally Kumar]

Hi all, I am renewing lease for my tenant for the first time. They paid $250 pet deposit last year. I am not sure if I should take pet deposit of $250 per every lease of 12 months or it it a one time pet deposit. Secondly, pet deposit paid by tenant needs to be put in escrow account with their security deposit or not? Thanks for helping out a newish landlord.

[Thomas S.]

Pet deposit is a one time payment in most cases. You should actually be charging a higher monthly rent so that you benefit long term and have enough money to actually do repairs.

When you raise their rent on the new lease add some extra to allow for the privilege of them having a pet. Double what ever you were going to raise it by.$50/month would not be unreasonable and have them sign a M2M lease to protect yourself.