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

Houses For Rent - Should You secure Extra Rent and Extra protection Deposit for Pets?

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The collection of extra rent and extra safety deposit is often an area of opposing thoughts in the middle of landlord and tenant. Therefore, let’s look at the qoute 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 rights and I will tell you why: If someone wants the delight 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 perhaps 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 population believe they are being double-charged for the delight 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 rights is smart company since the risk of damage is by all means; of course higher, and the tenant should compensate for that risk. Let’s say you feel a month is adequate 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 examine 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 change and because you didn’t receive any extra safety money up front you lose.

The basic notion 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 property while that one day and collecting or even per month to cover that bad day just is not adequate insurance—especially if this damage happens early in the tenancy. For this reason, it makes excellent 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 compound extra rent and extra safety deposit is in effect an endeavor 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 compound 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 in effect 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 talk to this request 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 gather some form of compensation in case they cause any damage. This can be in the form of extra rent, extra safety deposit, or both. Whatever you choose, provide 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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