How Much Are Tenant Pet Deposits and What Do They Cover?
The Americans with Disabilities Act gives landlords the authority to refuse to rent to tenants who have pets, with the exception of people who require the assistance of a service animal (ADA). These animals are not permitted to be kept as pets in the United States.
Despite this, the vast majority of tenants have dogs, and they anticipate having to pay a pet deposit or fee in order to rent a property (service animals are excluded from these fees).
However, how much are pet deposits for tenants, and what exactly do they cover? So that you can make the most informed decision possible regarding the pet fees and deposits that apply to your rental property, this section takes a look at the various options available.
Difference between Pet Deposit, Pet Fee, and Pet Rent
A refundable amount that is paid in addition to the security deposit is referred to as a pet deposit. It is set aside specifically for use in the event that the tenant’s pet causes any damage to the property. You are responsible for returning the pet deposit if there is no evidence of damage. The amount of the pet deposit can range anywhere from $200 to $500, depending on the kind of animal and the number of pets.
On the other hand, a pet fee is a one-time fee that is paid along with the first month’s rent and is non-refundable. The amount of this fee can range anywhere from $100 to $500.
What about fees for having a pet? Pet rent is an additional monthly charge that is added to the tenant’s rent and can range anywhere from $25 to $75, depending once again on the type of pet and the number of pets that your tenants have. Pet rent is non-refundable.
When determining how much you can charge for a pet deposit, you should always make sure to follow the laws of your state. Despite the fact that some states impose caps while others do not, you should never charge a fee without first determining whether or not you are within your legal rights to do so.
Pet deposits will cover any potential damage to the property that may be caused by the tenant’s animal companions.
The purpose of a pet deposit, pet fee, and pet rent is to cover any damage that your renters’ pets may cause to the property, including any wear and tear that may occur naturally over the course of time. Before they sign the lease, you should make sure your tenants are aware of your policies regarding pets and any deposits that may be required.
Some of the things that could go wrong with your rental property include the following: floors that have been scratched, clawed, or chewed; furniture that has been stained, clawed, or chewed; carpeting that has been stained; damage to the home’s exterior elements, including the landscaping and the fencing; pet odours that are resistant to deep cleaning.
• Water damage from aquariums
As a landlord, it is a good idea to have a checklist of items to inspect upon move-out in order to make certain that the animal has not damaged the unit in any way. In the event that there is damage, you can document the situation and explain to the tenant exactly why you will be keeping some or all of the security deposit to cover the cost of repairs.
How to Figure Out How Much You Should Put Down as a Deposit for Your Pet
It is essential that you determine an appropriate amount to use as a deposit for your pet. If you set your rent too high, you might scare away potential tenants, but if you set it too low, you might find yourself with a hefty bill for repairing the floors, furniture, and landscaping.
In most cases, the amount of the pet deposit is determined by a few different factors:
• The size of the animal
• The category of the animal
• The number of animals
• The value of the rental unit
For instance, requesting a pet deposit of $500 sounds reasonable until you discover that the hardwood floors in your home have been damaged to the tune of $1,000. It’s possible that cats won’t scratch a hardwood floor, but a large dog absolutely will. Because of this, the amount of the security deposit will need to be adjusted depending on the size and species of the pet.
Keep in mind that those who rely on service animals are excluded from paying pet deposits; nevertheless, they are still required to pay security deposits.
Do You Need Some Assistance Calculating Your Pet’s Deposit? At Circle Property Management, We Are Able to Assist You.
It is not always easy to determine how much money should be required as a pet deposit for a rental property that you own and rent out. Even though allowing pets into your rental property can result in a higher monthly income, you must ensure that you have sufficient funds to cover any potential damage. At Woods Property Management, we will assist you in determining the amount, whether it should be a pet deposit, fee, or added amount to the rent, and we will make sure that it is legally enforceable in Virginia!