Pets are pretty much family, so when looking for a home, an important piece of criteria to look for is homes that allow pets. Landlords generally charge a small amount for pet owners in their lease in case of damage and wear and tear caused by our beloved four-legged friends. However, the amount charged can vary between pet fees, deposits, or rent. But what’s the difference?

Pet Fees

A pet fee is a one-time, non-refundable fee to permit pets to stay on the property and cover any potential damage costs. This fee can vary depending on the landlord, as they may charge a flat rate or a fee depending on your pet. There are advantages as well as disadvantages when it comes to pet fees. On average, pet fees can charge anywhere from $50 to $500.

Pros:

Pet fees act as non-refundable compensation for property damage in general.

It is usually cheaper than a pet deposit.

Landlords prefer pet fees because they get compensation upfront.

Cons:

If you’re a landlord, you might realize that the amount you’re charging does not cover all the damage the pets end up causing.

Tenants usually don’t opt for pet fees because the fee is non-refundable.

If a landlord combines a pet fee and a pet deposit to help cover costs, it may become too expensive, which would deter potential tenants.

Pet Deposit

Unlike a pet fee, a pet deposit is a one-time, refundable fee. These are similar to security deposits. So, the deposit won’t be used for regular wear and tear costs until your pet causes damage. Therefore, the pet deposit will only cover property damage caused strictly by pets. Examples could be urine and feces stains, scratches on floors, flea infestations, and more. Pet deposits usually average from $100 to $600.

Pros:

Knowing your deposit is refundable is a great incentive to prevent pet damage, especially depending on the cost of the deposit. When comparing rentals, tenants usually opt for a refundable fee over a non-refundable one. Landlords also benefit from this as they would get compensated well in the case of serious pet damages.

Cons:

If you’re tasked with paying both a security deposit and a pet deposit, be wary about mixing both funds. For example, if your pet deposit doesn’t cover all pet damage costs, you won’t be able to use any funds from your security deposit.

Pet Rent

The final category is paying a monthly pet fee and regular rent. This is the most favored out of the three options because it’s usually the cheapest. As a tenant, you would only be paying the monthly fee when you have pets in the house. Landlords generally calculate this as 1% or 2% of the overall unit rent or based on other factors like pet size or their experience with pets. As an estimate, pet rent usually costs $10 to $60 monthly.

Pros:

The most attractive thing about pet rent is its low cost, spread over time. Landlords also benefit from pet rent, as sometimes animals can cause mild wear and tear that pet deposits cannot be used for.

Cons:

Since pet rent is priced so low, if a landlord only charges pet rent, they might not get enough money to cover long-term damages. This is when it is recommended to combine pet rent with either a small deposit or fee.

Each fee type has pros and cons, regardless of whether you’re a tenant or a landlord. But one or the other is usually preferable for both parties.

Buckeye Northwest Realty provides houses for rent in Toledo, Ohio, and the surrounding areas. To learn more about houses for rent, contact us today!