Going Rates for Pet fees

Going Rates for Pet fees

Rental Property Investor · Ankeny, IA · Member since 2017 · 2k+ posts · 3k+ votes

We have not allowed pets in the past, mostly because we have not had any problems finding tenants without pets (but a lot of pet owners asked anyway). We are about to have 3 units in duplexes available for December 1, which is a cold time of the year around here, and not as many prospects for tenants. So, if we allowed small pets (we have a current request from somebody with a Chihuahua), what would be the going rate for extra pet rent? How do you word it in your lease? Extra security deposit as well? For security deposit, I'd prefer to just raise that requirement rather than specify it's a pet damage deposit. 

*Of note: the new duplex I am buying that will be available for December has 100% new flooring, to include a lot of carpeting. 

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Nathan GesnerBusiness Member
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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
7y

Studies vary but somewhere around 50 - 60% of renters own a pet. If you immediately refuse pets, you lose out on a large portion of the rental market.

Most pet owners are good people, just like you, and they will take care of their responsibilities. I allow pets whenever possible and good tenants are good pet owners. I rarely have a problem. It can be hard for a pet owner to find a good rental that will accept their pet so they are usually willing to pay more and then stay longer.

Make sure you use the right language. A "fee" is not refunded. A "deposit" is refundable.

You can research your market to see what it supports but generally a non-refundable fee up front and then a slight increase to rent every month.

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  • Rental Property Investor · Portland OR · Member since 2018 · 2k+ posts · 3k+ votes
    7y

    I dont charge pet rent. I do charge a refundable 500 pet deposit. 

    Also i would look into the laws in your area regarding emotional support animals. In some states you can not refuse them. 

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