We have a single family residential property with a large fenced backyard great for dogs. We are open to dogs and other pets such as cats and hamsters (no birds). Are there any suggestions on what needs to be defined in the lease regarding this and suggestions on whether increased monthly charge or an additional "pet deposit" is best for protection of our property?
Rental Property Investor · SE Michigan · Member since 2014 · 4k+ posts · 6k+ votes
5y
Best protection for you is to check with your insurance and see if any breeds would not be covered under your plan's liability protection. Otherwise, knock yourself out.
Pet fees, pet rent, and pet deposits are all up to you.
Rental Property Investor · SE Michigan · Member since 2014 · 4k+ posts · 6k+ votes
5y
Best protection for you is to check with your insurance and see if any breeds would not be covered under your plan's liability protection. Otherwise, knock yourself out.
Pet fees, pet rent, and pet deposits are all up to you.
Rental Property Investor · Member since 2020 · 1k+ posts · 1k+ votes
5y
I charge an extra 35/dog/month, most families have 1 or 2. I go out of my way to attract dog owners, make sure you mention in the add that you have a fenced yard. For the deposit your location may play a role but where I live there is no limit to the deposit you can take outside of the market. I add an extra 650 to the deposit but make it clear it is added to the security deposit. I don't like the idea of a pet deposit because what if the pet was great and there was no damage due to the dog however there is other damages or unpaid rent, I feel that muddies up the water. The deposit is also refundable so hopefully they have incentive to return the house in good shape to try to get it back. My insurance recently changed their mind about banned dogs and I am good to go with whatever but I still ban the ones most others do. I know many pitbulls and they are all nice and have a german shephard/ husky mix which would be banned however I feel that the other insurance companies banned them for a reason so I do as well. I debated this on my last turn after I heard this but feel numbers don't lie but may reconsider in the future, I would just have to charge enough to make it worth my time. I also have in my lease that the animal is accepted however that can be cancelled with 14 day notice where they would need to get rid of the animal in case it damages the property or proves aggressive. I only allow dogs or caged animals and aquariums 20 gallons or less. I am allergic to cats so this makes me biased but they stink and I can usually tell there is a cat in the house as soon as I walk in. Cat damage may not be as visible as dog but their odors can really create a huge and costly mess.
Real Estate Investor · Tempe, AZ · Member since 2012 · 874 posts · 648 votes
5y
+1 on checking the insurance for what breeds they’ll accept. We inherited a tenant with a breed prohibited by our preferred carrier. The substitute insurance was $25/mo higher, and we also had to get a different umbrella policy at another $23/mo premium to the existing one.
Cincinnati, OH · Member since 2020 · 299 posts · 476 votes
5y
We charge a one time, non-refundable pet fee - most landlords usually charge anywhere between $50-$500 for pet fees, which you can use for any damages. You can charge this fee, depending on the amount of risk presented by the pet. Additionally, we charge a small monthly amount for pet rent, where you can charge anywhere from $10-$80 each month. Pet fees (whether one time or monthly rent) are not legal in every state, so I suggest you refer to your state laws as well.