What Is A Normal Pet Deposit for Renters?
If you have a dog or cat and you’re looking for your next apartment to rent, you might be wondering, “What is a normal pet deposit for renters?” Really, the answer is pretty subjective and depends on the area in which you live and the regulations imposed by your landlord/property management company. However, this is an important question to ask because you want to be financially prepared when it comes time to sign the lease.
Many rental properties have notoriously strict “No Pets Allowed” regulations, as the prospect of living with a furry friend can often result in unforeseen damage and consequences. However, as renting becomes the preferred living style for millions of young people, landlords, and property management companies are starting to lift their strict sanctions and become more open to the idea of permitting pets.
That permission, though, usually comes with a price. Rental units have typically been pet-free because landlords and management companies don’t want to risk being in a situation where they have to make repairs or deal with a lawsuit. This is precisely why they work pet deposits, rent, and interviews into the rental process – they act as a safety net.
Below, we’ll go over some of the components of pet deposits and what you can expect when signing your lease.
THE DIFFERENCES BETWEEN PET DEPOSIT, PET FEES, AND PET RENT
The average pet deposit and rent varies from city to city, usually depending on the price of the rental unit. In addition to pet rent, you most likely will have to pay a pet deposit, and possibly incur some additional pet fees. Before we discuss the cost of the average deposit, let’s cover the differences between Pet Deposits, Pet Fees, and Pet Rent.
- Pet Deposit
Pet deposits are essentially an extra security deposit that you pay when you sign a new lease. The average pet deposit ranges between 40% to 85% of a month’s rent. One of the pros of a pet deposit agreement is the fact that landlords and management companies will give you a refund if they don’t have to clean or repair anything upon move-out.
- Pet Fees
A pet fee for a rental is a one-time fee that is collected to pay for any potential damage that might be caused by a pet. Unlike pet deposits, pet fees are non-refundable. The average pet fee is about $200-$300 and is usually used in place of a pet deposit. Some renters prefer pet fees to deposits (even though they know they will not get a refund) because they are cheaper.
- Pet Rent
Pet rent is a monthly recurring fee in addition to your monthly rent. It essentially brings the cost of your rent up by whatever amount your pet rent is. The average pet rent costs about $35 or 1% to 2% of a month’s rent.
What is the Purpose of a Pet Deposit?
So, what does a pet deposit cover? A pet deposit is meant to protect the landlord and management company in the event that an animal causes damage to a rental unit. Pet deposits are only used to fix damage caused by a pet, not the renter. If a pet causes no damage at all, the renter will receive their entire deposit back. If a pet causes a small amount of damage, the renter will receive a portion of their deposit back.
It’s important to make sure you have a clear and legally binding document that shows you’re covered in terms of rules, regulations, policies, and damages. There should be no surprises or questions when it comes to your pet, what is allowed, and the type/amount of charges you’re expected to pay.
Find Your Next Home with SLT Properties
SLT Properties is the leading property management company in the Greensboro area and we can help find you and your furry friend the perfect rental unit. Browse our website and contact us for further information on our available rental properties and rates.