For many people, their pets are a member of the family. But unfortunately, there are times when they may cause damage that requires repairs or replacements of various items. With that in mind, many residential rental property owners charge a pet deposit in addition to a security deposit from their tenants.
Not only can a pet deposit help to cover these potential added expenses, but they could also encourage tenants to take greater responsibility for their pets when renting your property. Otherwise, they could end up losing some – or even all – of this added expense.
So, how much should you charge for a pet deposit?
The amount of one-time pet deposits can vary. However, according to Zillow, these typically range between $200 and $500. In addition, many landlords may also charge an additional monthly rental rate of $25 to $100 for “pet rent.”
When renting to tenants who have pets, be sure that you have a clause, or addendum, in the lease that states what will happen with the deposit at the time the tenant moves out. This should also include any rules, regulations, and/or policies that you have with regard to having pets on the property.
If you would rather defer the security deposit and rent collection, as well as other landlord duties such as marketing for and screening potential tenants, performing regular property maintenance, and responding to emergencies, to a real estate professional, it may be time to hire a property manager.
At Central Florida Property Management, we provide a long list of services so that rental real estate owners can spend their time doing other things. So, if you own residential rentals in Orlando and/or the surrounding Central Florida, give us a call at (407) 429-4834 or send us an email with any questions by going to Contact@CFLPropManagement.com and we’ll provide you with more details.
Sources:
Pet Rent vs. Pet Deposits and Fees. By Amie Fisher. October 27, 2020. Zillow. https://www.zillow.com/rental-manager/resources/pet-rent-and-pet-fees/