Why you should eliminate pet fees, pet deposits, and pet rent
Moving with a pet can be stressful.
It can also be extremely expensive.
In fact, in a nationwide survey of U.S. renters, we found that more than 70% of pet owners have decided not to apply to a rental home or apartment because the cost to bring their pet was too high.
And those costs can be confusing, too. Some properties charge “pet fees,” some charge “pet deposits,” and some require “pet rent.” Others require a combination of the three, to ensure that they’re fully protected in the event that a single deposit or fee isn’t enough to cover damage.
So what’s the best option for properties looking to mitigate the risk of allowing residents to move in with pets?
In this post, we’ll go over the differences between the three, along with how properties can use Jetty Pet to replace them altogether and simplify the leasing process.
What is a pet fee?
A pet fee is a non-refundable payment that a renter pays before moving into a new rental home. If your property requires pet fees, you won’t return those funds to residents when they move out, regardless of whether their pet causes damage.
Some properties charge the same fee for any resident with pets, whether they’re moving in with one cat or three dogs, while others charge a fee for each individual pet, and charge different amounts depending on the type.
These fees can range from $250 to $500 per pet, and can sometimes be as high as $1,000 for renters with multiple pets.
What is a pet deposit?
A pet deposit functions in the same way as a standard security deposit, except that the funds can only be used to cover the cost of damage caused by a pet. If your property requires pet deposits, you will return that cash to the resident at move-out, as long as their pet didn’t cause damage beyond normal wear and tear.
Like pet fees, it’s up to each property to determine whether to require a flat deposit amount for all renters with pets, or varying amounts based on the number and type of pets in each renter’s home.
The average pet deposit ranges from 40-85% of monthly rent, meaning that a renter paying $2,000 per month could expect to pay a deposit anywhere from $800 to $1,700.
What is pet rent?
Pet rent is a monthly fee, charged in addition to a resident’s monthly rent. It’s non-refundable and can be charged as long as the pet lives in the rental.
Like fees and deposits, properties can either charge a standard amount for all renters with pets, or set varying amounts based on the size and breed of individual pets. A renter with a cat, for example, might pay $10 per month in pet rent, while a renter with a large dog might pay $50-100 per month.
Jetty Pet is a better option for renters and properties
Pet fees, pet deposits, and pet rent can be cost prohibitive for renters with pets. They’re also a hassle for the property managers who have to collect and manage them.
That’s why we created Jetty Pet: a simpler alternative for pet-friendly properties.
Residents at Jetty Partner properties offering Jetty Pet can opt to pay a one-time, non-refundable fee of 17.5% of the required pet deposit amount. For example, if your property typically requires a pet deposit of $800, the renter pays $140 (and saves a total of $660 on up-front move-in costs), while the property still gets $800 in protection.
This way, properties can mitigate the risk of pet damage without requiring cost-prohibitive expenses of residents. Plus, because Jetty Pet eliminates the need to charge multiple types of deposits and fees, it also simplifies the leasing experience and reduces overhead—creating a better experience for both renters and properties.