For many landlords, the idea of allowing an animal into their property is a nerve-racking one, and understandably so. A poorly trained animal can cause a lot of damage, and while the owner should pay for it, it’s not always that easy to hold a tenant accountable. Fortunately, that’s where a pet deposit can make paying for any damages much easier. The real question is—how much should you charge for a pet deposit?
Consider the Size and Type of Animal
You should consider the animal’s type and size when deciding on a pet deposit fee. A large dog can cause more damage than a hamster, but a small toy breed may not be as destructive. It stands to reason that not every animal can cause the same amount of damage, and the fee you charge should reflect that. For example, the deposit for a goldfish should differ from the deposit you charge for a Great Dane—otherwise, you may have a few angry pet owners in your future.
Account for Property Value
The purpose of a pet deposit is to help you pay for any damages an animal causes, and if you undercharge, you can find yourself in a sticky situation. Of course, you want your fee to be fair, but if you have a high property value, your pet deposit should mirror that. For instance, if you paid for high-quality, real hardwood floors, you’ll want some extra protection in case of a poorly potty-trained animal.
Keep Local Laws in Mind
Undoubtedly, the local laws in your area are the most important thing to keep in mind when deciding how much you should charge for a pet deposit. Many states have certain standards and limitations for how much you’re allowed to charge. Conversely, other states don’t limit the fee at all. Whatever the case may be, you want to ensure you’re following the law, lest you find yourself strapped with unnecessary legal fees.
In truth, there is no one-word answer regarding how much you should charge, as it all depends on several factors. However, if you’re having trouble determining how much you should charge or the overall value of your property, let Excalibur Homes help. We’re a property management company based throughout the South and equipped with knowledgeable and experienced workers who can help you get the most out of your property.