Should You collect Extra Rent and Extra protection Deposit for Pets?

Houses For Rent In Fort - Should You collect Extra Rent and Extra protection Deposit for Pets?

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The variety of extra rent and extra safety deposit is often an area of opposing thoughts between landlord and tenant. Therefore, let’s look at the problem from both perspectives, starting with the tenant.

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The Tenant

Many tenants think it is unfair to payment both extra safety deposit and extra rent for the privilege of pet ownership and I will tell you why: If someone wants the satisfaction of a pet (especially a dog or cat) an extra safety deposit is nothing to pay for that pleasure. Most tenants understand that and know the extra safety deposit is taken in case the pet somehow damages the rental unit. If they do damage something, the landlord pays for the damages out of that money.

Now when a landlord charges extra rent for a pet, are they charging it because the pet will be taking up more living space, use more hot water, or flush the toilet? No. They are charging extra rent because the pet could maybe cause damage to the property.

Therefore, when a landlord charges extra safety deposit for wear and tear or inherent damage and extra rent for those same reasons, many people believe they are being double-charged for the satisfaction of owning a pet. And nobody likes to be double-charged.

The Landlord

On the other hand, from a landlord’s perspective, charging the extra rent for the privilege of pet ownership is smart firm since the risk of damage is undoubtedly higher, and the tenant should compensate for that risk. Let’s say you feel a month is sufficient for compensation, so you add that to the rent. This supplementary 0 per year somewhat eases your mind should the pet cause damages to the premises.

Let’s say six months into the lease the tenant moves out. Upon their departure you study Fido had a weak bladder and consequently ruined all the living room carpet. The 0 you collected in extra rent ( per month times 6 months) will not cover that replacement and because you didn’t receive any extra safety money up front you lose.

The basic view to keep in mind from a landlord’s perspective is a pet who has a bad day can do hundreds of dollars of damage to a asset during that one day and collecting or even per month to cover that bad day just is not sufficient insurance—especially if this damage happens early in the tenancy. For this reason, it makes perfect sense from a landlord’s perspective to payment both extra rent and extra safety deposit for a pet.

Therefore, although tenants may believe you are double-charging them, in reality, the blend extra rent and extra safety deposit is surely an effort to cover all scenarios—and rightfully so. Ultimately, it is easier financially on the tenant because most tenants will not have the extra money for a much larger safety deposit, such as a full month’s rent. Although this blend leaves you with a diminutive more risk in the starting of their tenancy, this risk is reduced with each passing month.

The one benefit about collecting extra rent is if upon departure, the tenant’s pet surely did very diminutive damage, then you’ve made more money on that rental since the extra rent is yours to keep no matter what.

The Answer

There probably isn’t a good universal riposte to this question although there is one universal element. That element is this: if you allow pets, especially dogs and cats, in your rental, then you need to obtain some form of compensation in case they cause any damage. This can be in the form of extra rent, extra safety deposit, or both. Anything you choose, contribute yourself with as much coverage as possible. (I cover the topic of pets in other articles available on my website at [http://www.findthatqualitytenant.com]).

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