Allowing pets in your rental property will make it easier to find and retain tenants. Since a large portion of people are pet owners, making this allowance will help you stand out to those potential renters.
While you may want to allow pets, you should also plan for covering the wear and tear damage that comes along with having pets on your property.
When You Can’t Charge Pet Fees
The Humane Society shares that a property owner can’t discriminate against an applicant who has a support animal. This includes emotional support pets as well as animals trained to help people with physical disabilities.
Additionally, there are laws preventing property owners from charging deposits and pet rent to tenants with support animals.
What’s the Difference Between a Pet Deposit and Pet Rent?
You might be wondering if you or your property management company should charge pet rent in addition to deposits. It’s important to note that these two fees cover different costs. While a deposit covers the costs of repairing excessive damage done by the pet, the monthly pet rent fee will cover wear and tear damage and cleaning.
How Much Should You Charge Your Tenants?
How much you charge tenants with pets is up to you. Many landlords request a deposit equal to one month’s rent, but this might be excessive, depending on the average rent cost in your area. At the very least, you should ask for a deposit of $500.
The pet rent fee you charge is also subjective to rental rates in your specific community. On average, property managers charge between 1% and 3% of the rent. Another option is to charge a flat fee that remains consistent even if you raise the rental rate. A fee of $25 is usually considered modest in most Maryland communities.
Get the Professional Management Help You Need
Taking care of your rental property and tenants is easier and less stressful with the help of Reliable Property Management, Inc. of Maryland. To learn more about our full range of services, contact us online or call us at (443) 869-3799 today.