Did you know that 69 million households in the United States have a beloved pet? As a landlord, accommodating these pet owners can open up a vast market of potential tenants. While concerns about potential damage may arise, there are ways to create a pet-friendly environment in your rental property.
In this blog post, we will explore two simple and fun methods to enable pets in your rental property: pet deposit vs pet fee. This ensures a welcoming atmosphere for both tenants and their furry companions. Let's get started with this guide to pet friendly rental options.
1. Pet Deposits
One way to ensure the security of your rental property while accommodating pets is through the use of pet deposits. A pet deposit is a refundable amount that tenants with pets pay in addition to their standard security deposit.
This deposit serves as a form of insurance against any potential damage caused by the pet. We recommend that you consider the following aspects when implementing a pet deposit:
Determining the Amount
It's important to establish a reasonable pet deposit that aligns with the potential risks associated with pet ownership. This amount should be clearly communicated to prospective tenants to avoid misunderstandings.
Outline the specific terms and conditions of the pet deposit in the rental agreement. You should clarify that the deposit is intended to cover any pet-related damages or excessive wear and tear caused by the tenant's pet.
Clearly state the procedures for refunding the pet deposit. This typically involves an inspection of the rental unit after the tenant moves out to assess any damage.
2. Pet Fees
Alternatively, landlords can opt for a non-refundable pet fee instead of a pet deposit. A pet fee is a one-time, non-refundable payment that tenants make to have their pets in the rental property.
This fee is typically used to cover any potential pet-related costs or additional cleaning required after the tenant moves out. Consider the following when implementing a pet fee.
Justifying the Fee
When charging a pet fee, clearly explain to tenants the purpose behind it, such as the additional cleaning required or potential wear and tear caused by pets. This helps tenants understand the reasoning behind the fee and promotes transparency.
Determining the Amount
Similar to a pet deposit, the pet fee should be reasonable and reflective of the potential costs associated with pet ownership. Research local market rates to ensure your fee is competitive and fair.
Since a pet fee is non-refundable, it's essential to communicate this clearly to tenants before they agree to the rental terms. Make sure they understand that the fee will not be returned at the end of their tenancy.
Understanding Pet Deposit vs Pet Fee
By understanding the differences between pet deposits and pet fees, landlords can create a fair and attractive pet rent policy that appeals to pet owners. Whether you choose a pet deposit or a pet fee, implementing a well-defined agreement allows you to protect your property while welcoming responsible tenants and their beloved pets.
Interested in learning more about pet deposit vs pet fee and the average pet deposit fee? Speak to PMI Bridgetown, the property management experts Portland, OR. Click here to get in touch with our experienced team.