According to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association (APPA), 67% of American households (about 85 million families) own a pet. As a result, to market your property to a larger group of eligible renters, consider allowing pets in your rental. Your first thought is that the costs of cleaning and damages from pets are too large to overcome. However, consider how much extra income you can earn from pet rent and pet fees. Simply enter into this pet fees calculator your monthly rent, anticipated pet rent, and any other associated pet fees and see how much can increase your annual revenue.
What is the Difference Between Pet Fees and Pet Rent?
As a landlord, you can charge pet rent or an up-front pet fee for rental to cover any damages to your property caused by pets. You will want to know the difference between the two when looking at our pet fee calculator.
A pet fee for rental is a nonrefundable payment beginning of a tenancy. The premise is that landlords are extending a special privilege to tenants with pets, and that there is a basic understanding that pets are generally hard on properties. A pet fee compensates the property owner for taking the risk of allowing animals in the rental. Some landlords charge per-pet, or by the size or species of the animal.
A pet deposit is a refundable payment collected at the beginning of a lease. If upon the move-out inspection you find that there is no pet damage, you will have to return the amount in full. Pet deposits can cover issues such as:
Doing a quick calculation with this pet fees calculator should be your first step in deciding whether to allow pets in your rental.
Of course, you should balance this against any additional damages and cleaning costs you may encounter from having pets in your rental. And as we have discussed elsewhere, we recommend screening tenants carefully, meeting the pets in person, implementing a formal pet policy, charging pet rent/deposits, and requiring renters insurance that covers animals on your property.
Related: Should I Accept Pets in My Rental?
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