The Money Mustache Community
Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: Stachetastic on September 22, 2017, 08:58:06 AM
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We have 2 rental properties, and we typically charge a flat $100 pet fee at the start of the lease, and $25 per pet each month. We have a prospective tenant who has 3 pets (2 cats and a dog) and would prefer to pay a higher deposit rather than the pet rent. She suggested $1k deposit (in addition to the $800 security deposit) and stated she felt confident they would get all of it back. She also provided a statement from current landlord indicating the pets are well cared for, obedient, and clean.
Would you take the deposit in lieu of rent? Would you give her a 2 for 1 deal on pet rent? We will be meeting the dog prior to move in.
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I think there's a decent case to be made to accommodate her request.
However, I don't think I'd completely waive the pet rent - maybe knock it down from 75 to 25 or 50.
My reason would be that pets typically cause wear and tear to flooring that wouldn't be cause for keeping any of the deposit.
If you have very durable tile, maybe it's a non issue. But carpet and wood floors will probably take some abuse, even if its light.
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Excellent point. We just installed new vinyl plank flooring throughout, linoleum in the kitchen, and new carpet on the stairs. My husband and I talked it through and he suggested a $300 pet deposit and $25/mo total for pet rent.
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Ok, I as soon as I decided to go with the $300 deposit and $25 total fee, I sent off a message to the tenant. LITERALLY at the same time, she texted me that she still wants the house regardless of what we decide. Kinda feel like we just lost out on $50/month here. Ugh.
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Ok, I as soon as I decided to go with the $300 deposit and $25 total fee, I sent off a message to the tenant. LITERALLY at the same time, she texted me that she still wants the house regardless of what we decide. Kinda feel like we just lost out on $50/month here. Ugh.
I have a $200 non-refundable pet fee and $25/month of pet rent. One tenant had a dog for 6 months. They paid the $200 when they moved in and $25/month for the first 6 months. Once they dog was gone, they didn't have to pay the pet rent anymore.
If a tenant decides to re-new a lease, I typically waive the pet fee, but still collect the pet rent. One tenant that was considering re-newing asked if I would also waive the pet rent. I told him no and he moved out. However, it was a group of college kids, so they just got another friend to take his place, so there was no turnover costs for me.
Pets are capped at two. They do not get any sort of discount for having two pets. My rentals are nicer than average. It wouldn't make sense to give a discount to someone with multiple pets that would potentially make my rental a little less nicer.
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I have a $200 non-refundable pet fee and $25/month of pet rent. One tenant had a dog for 6 months. They paid the $200 when they moved in and $25/month for the first 6 months. Once they dog was gone, they didn't have to pay the pet rent anymore.
I do similar. $500 non-refundable pet fee and $25/mo pet rent. I set a total full grown weight limit of ~25lbs; so the tenants can have two cats or two very small dogs but typical just one dog. I don't have an issue with medium sized dogs but I found that as soon as I advertise a limit of 30-35lbs, I start to get applications with "lab mix" puppies.
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Interesting how everyone does something similar, but just a bit different.
We do not currently have any pet limitations. The most damage that has ever been done to our properties in eleven years has been by chihuahuas. They peed on the floors to the point that I had to replace the subfloor.
We met the new doggy tenant today and he was a perfect gentleman; even wore a bow tie. Time will tell how things pan out, but we're happy with the compromise we came to. And thrilled to have the place rented after over a year of renovations.
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I do similar. $500 non-refundable pet fee and $25/mo pet rent. I set a total full grown weight limit of ~25lbs; so the tenants can have two cats or two very small dogs but typical just one dog. I don't have an issue with medium sized dogs but I found that as soon as I advertise a limit of 30-35lbs, I start to get applications with "lab mix" puppies.
I allow labs, though any 60# dog will put scratches in a wood floor, but is "lab mix" code for pit bulls? They can be great dogs, too, except that the insurance company doesn't like them.
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"Lab mix" is usually code for pit bull 'round these parts. Our insurance company is fine with them, as are we. We have one ourselves. But we do have a policy of meeting them prior to move in.
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I do similar. $500 non-refundable pet fee and $25/mo pet rent. I set a total full grown weight limit of ~25lbs; so the tenants can have two cats or two very small dogs but typical just one dog. I don't have an issue with medium sized dogs but I found that as soon as I advertise a limit of 30-35lbs, I start to get applications with "lab mix" puppies.
I allow labs, though any 60# dog will put scratches in a wood floor, but is "lab mix" code for pit bulls? They can be great dogs, too, except that the insurance company doesn't like them.
Yep, "lab mix" is code for pit bull. And I agree that they can be lovely dogs; I have a friend that does pit bull rescue. However, the majority of serious dog bites involving children are by pit bulls (https://www.ncbi.nlm.nih.gov/pubmed/19644273). So, pit bulls are a firm no with zero exceptions for me as a landlord. There's a reason that insurance companies exclude them from coverage- because they constitute a real liability risk.
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The state I live in it is illegal to charge pet rent, so only a pet deposit is allowed. Where I live rentals that allow pets are at a premium, so I just list higher and state that I allow pets, and charge a pet deposit. Whether I rent to pets or not I get the higher rent on the unit.