How Much Should I Charge for Pets on My Property?
If you haven’t figured out whether or not to allow renters to have pets on your property, first read “6 Reasons to Allow Pets in a Rental.” It’ll help you understand why allowing furry friends in your rentals is good for the bottom line.
Next step, you have to figure out how much to charge now that you are committed to running a pet-friendly property. First, you should know there are three basic types of pet charges. All of them are different and serve different purposes.
Pet Fee
It is a one-time non-refundable charge. You’ll use this fee to cover professional cleaning services once the tenant has moved off the property. It could be anywhere between $50 and $500, sometimes higher depending on the city.
Pet Deposit
As the name suggests, it’s a refundable amount of money used to cover any damages caused by an unruly animal—much the same as with the home deposit. The amounts vary according to locations and the rental owner’s previous experiences with animals.
Pet Rent
This charge is an additional amount paid every month and is calculated based on the property’s rent. Typical amounts are 1% to 5% of the apartment’s rent.
Price Warning
Although tempting to charge a high premium for allowing pets on your property, it’s essential not to price your house out of the market nor force good tenants to move somewhere else at the end of the lease due to excessive charges. Remember, there are many great reasons to want to attract and keep tenants with pets on your property.
Keep in mind that pet charges fluctuate wildly by markets and property. Therefore, selecting an experienced local Property Manager is always a good idea. They’ll immediately know what to charge according to the type of pet, your property, and the local market.
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