As pet owners, it is important to understand the policies and fees that come with renting. Many property managers and landlords make their rental property pet friendly, but charge a pet deposit, pet fees, or pet rent. These charges are often in place to protect the owners in the event that your beloved companion damages the property. Or sometimes simply for the added risk of allowing pets in their property (noise complaints, liability issues if the pet misbehaves etc.). Below is a brief explanation of the differences in these different charges:
A pet deposit is a refundable deposit, and is similar to a security deposit. This fee covers any damages that your pet may cause, such as scratches to the floor, chewed up trim or doorways. The deposit encourages tenants to take care of the property and monitor their pet.
A pet fee is a one-time non-refundable fee for allowing your pet into the building. Depending on the owner, they may charge a one-time flat fee for all pets, or charge a fee per pet. However, some owners may have different fees based on the pet, such as breed, weight, or size. Consult with your agent for details on an apartment you are interested in.
Pet rent is exactly what it sounds like, it is a recurring monthly charge for as long as you have the pet(s) in your apartment. This non-refundable charge is added to your rent each month and has become an increasingly popular option for owners.
We at The Apartment Source are pet-friendly Chicago apartment experts! In fact, we know of a management company right now that is waiving ALL pet deposits, fees, and rent. The company offers private dog parks that are only accessible for their tenants. If you are interested in finding out more, give us a call at 773.404.9900