Renters Warehouse Blog
Non-Refundable VS. Refundable Pet Deposits For Phoenix, Arizona Rental Properties
To many Phoenix, Arizona homeowners, renting their property is a big step for them as most homeowners are “unintentional landlords,” and in this case have never thought of renting their family home but the economy is leaving them no choice. There are many nightmare stories out there that homeowners have heard, and this scares them when they opt to rent out their property. Obviously, the biggest concern for them is the condition of the property when the tenants move out. Security deposits are collected for this purpose to cover any damages that the tenant may have caused.
When it comes to pets, most owners who treasure their properties want nothing to do with pets in their property. However, denying potential tenants with pets actually decreases your potential clients by 75%, as most of the general population does have a family pet.
There are options you as an owner have when leasing to tenants with pets. Of course there is a separate pet deposit you can charge the tenants, which is a deposit on top of the initial security deposit. Most deposits that we deal with are typically $300, non-refundable. As the owner, this deposit can be as higher or lower, or a certain amount per pet.
The question is do you make that deposit refundable or non-refundable?
With a refundable pet deposit, the tenant understands that they will never see that money again and may not care for the property as they would if the deposit was non-refundable. The majority of the pet deposits actually go towards carpet cleaning when the tenant moves out. However, allowing the tenant to secure a refundable pet deposit they may take the initiative to having the carpets cleaned on a more regular basis. If you opt for a refundable pet deposit, and there is pet damage once the tenants do move out, you still have those funds for repairs and cleanings. Please contact a Phoenix property management company if you are interested in renting your Phoenix property.