renting out condo in Centerville and potential tenant has a pet

[Shanna Chen]

I recently purchased a condo in Centerville Ohio and I signed with Property management. We are having a hard time renting out the condo, it's in a nice area but is a smaller 2 bed, 2 bath place. Our potential tenant who want to move in wants a short term 6 month lease and has a small dog.

Would you rent out to tenants who have pets, and if so, how much of a pet fee would you charge? I know the average is around $100-300.

[Drew Sygit]

@Shanna Chen you charge as much as the market will  bear!

One trick we've learned is to ask the prospect what they are willing to pay. There answer "brackets" what they will pay and often you may be surprised how high they go.

Also, don't forget to add monthly Pet Rent to offset the additional pet wear & tear. Typical amount is $50-100/month depending on pet size.

How much of a premium are you charging for the 6 month lease?

[Nathan Gesner]

Quote from @Shanna Chen:

You can charge a deposit or a fee. Deposits are refundable; fees are not.

I use only fees and prefer monthly. It should be large enough to mitigate the additional risk. I charge $35 - $100 per month, per pet, for the entire lease. I have some tenants that have stayed multiple years paying $100 a month, which is an extra $3,600 income (so far). As Drew said, I had one tenant that volunteered to pay $300 a month when I was only going to charge $100.

[Shanna Chen]

Quote from @Drew Sygit:

@Shanna Chen you charge as much as the market will  bear!

One trick we've learned is to ask the prospect what they are willing to pay. There answer "brackets" what they will pay and often you may be surprised how high they go.

Also, don't forget to add monthly Pet Rent to offset the additional pet wear & tear. Typical amount is $50-100/month depending on pet size.

How much of a premium are you charging for the 6 month lease?

I

 @Drew Sygit I have not found a tenant yet. I'm afraid I made the mistake of hiring a sub-par property manager but we are listing the condo (1 bed, 1 bath) at $1550 and it would be a year lease. Its been advertised for 2 weeks with just a few people reaching out. 

@Nathan Gesnerundefined

[Drew Sygit]

@Shanna Chen going into the fall, expect it to take 2-4 week minimum!