Houses For Rent - Should You procure Extra Rent and Extra security Deposit for Pets?
Hi friends. Now, I learned about Houses For Rent - Should You procure Extra Rent and Extra security Deposit for Pets?. Which could be very helpful in my opinion and also you. Should You procure Extra Rent and Extra security Deposit for Pets?The variety of extra rent and extra security 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, beginning with the tenant.
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The Tenant
Many tenants think it is unfair to charge both extra security deposit and extra rent for the privilege of pet proprietary and I will tell you why: If man wants the satisfaction of a pet (especially a dog or cat) an extra security deposit is nothing to pay for that pleasure. Most tenants understand that and know the extra security 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 security deposit for wear and tear or possible damage and extra rent for those same reasons, many citizen believe they are being double-charged for the satisfaction 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 proprietary is smart business since the risk of damage is definitely higher, and the tenant should compensate for that risk. Let’s say you feel a month is sufficient for compensation, so you add that to the rent. This added 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 explore 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 security money up front you lose.
The basic concept 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 during that one day and collecting or even per month to cover that bad day just is not sufficient insurance—especially if this damage happens early in the tenancy. For this reason, it makes exquisite sense from a landlord’s perspective to charge both extra rent and extra security deposit for a pet.
Therefore, although tenants may believe you are double-charging them, in reality, the combination extra rent and extra security deposit is truly an effort 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 security deposit, such as a full month’s rent. Although this combination leaves you with a small more risk in the beginning 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 truly did very small 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 rejoinder to this query 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 obtain some form of payment in case they cause any damage. This can be in the form of extra rent, extra security deposit, or both. Anything you choose, contribute yourself with as much coverage as possible. (I cover the topic of pets in other articles ready on my website at [http://www.findthatqualitytenant.com]).
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