We all love our pets, but they can be destructive. Pets, after all, can not only damage your property, but they could also be a nuisance to neighbors. 46% of renters live with pets, meaning that nearly half of your tenants likely own a pet. Allowing pets onto your apartment complex is a fine choice, but you should institute rules, fees, and other restrictions in order to protect your property and your other tenants.
A pet deposit is similar to a security deposit, but it’s only for a tenant’s pet. They’re absolutely refundable, but only if the pet hasn’t caused any damage to the property. The legality of pet deposits varies by state. In Michigan, there is no current statue on pet deposits, so it’s best to bring in some additional legal help to determine if instituting pet deposits is the right thing for your property.
In contrast to pet deposits, pet fees are non-refundable and don’t typically cover damage to the property. It is simply a one-time fee that a tenant must pay in order to keep their pet in the apartment. Pet fees are good to use alongside an ordinary security deposit, as a security deposit can be used to cover damage caused by a pet.
Pet rent is similar to a pet fee, except it is charged every month alongside a tenant’s normal rent. It can range anywhere from $10 to $60 per month, and it’s often used in addition to a pet fee. Pet rent can significantly increase your revenue while also protecting your property from damage.
As Michigan’s premier landlord-tenant and property management attorneys, we at Aaron Cox Law can help you define pet rules, responsibilities, and fees or deposits in your lease agreements. Give us a call today at 734-287-3664 to get started.