Tip #244: Pet Problems?
As a landlord, you want to structure your leasing policies to provide the highest possible protection for you and your property. When it comes to renting to tenants with pets, that means charging the highest allowable security deposit should the pet cause damage.
But you need to be careful.
If your local rules provide for a pet deposit that is separate from the general security deposit, then it is in your best interest to charge both — the highest amount allowed for the pet deposit, along with the highest amount allowed for the general deposit, just in case the tenant is the one who misbehaves.
But, if there is no local law that allows you to charge an additional deposit for pets, don’t designate any portion of the general security deposit as a “pet” deposit. If you do, you will earmark those funds only for damage that was caused by the pet, and limit your ability to collect for other damage to the unit.
See last week’s Landlord Quick Tip.
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