There are many advantages and disadvantages to allowing pets in your rental properties. One common concern among landlords is pet damage caused by allowing pets into your property. However, pet deposits, pet fees, and pet rent are all designed to help landlords offset the expenses of repairing pet damage. Additionally, allowing pets will significantly widen your pool of potential tenants, as well as increase the average amount of time that tenants spend with you. It is also important to note that, whether or not you decide to allow pets, you must allow service or companion animals.
What are Pet Deposits?
Pet deposits are very similar to a security deposit, but the deposit is intended only to repair damage caused by a pet. Like security deposits, you must itemize and note the damage and the expense of repairing the damage to justify keeping part or all of the pet deposit. There are other methods for offsetting pet expenses, as well. A one-time pet fee is a non-refundable charge for allowing a pet in the property. Pet rent is an additional monthly fee for pets.
Should you Charge a Pet Deposit?
The laws in each state will vary. However, in many places, if you charge both a security deposit and a pet deposit, you will only be allowed to use the pet deposit to repair pet damage. As the security deposit is generally a larger sum, this can significantly limit your options if there is an excessive amount of damage caused by a pet.
Though the decision to allow pets or not is ultimately up to you, there are a multitude of benefits to allowing pets onto your property. You will likely be able to charge more, as well as significantly increase the number of potential tenants. To learn more about the ins and outs of allowing pets in your rental properties, contact us at the Keyrenter in Austin today!