State Specific Question About: COLORADO (CO)

For those that charge pet rent, do you also require an extra Pet Security Deposit? Also, what does your Lease phrasing look like for including Pet Rent in with the regular Rent payment information?

Currently, we do not charge pet rent but do have an extra Pet Security Deposit that varies based on the pet (but it's basically between $150-$250 per pet). I can imagine charging for Pet Rent but then no longer requiring an extra security deposit since the extra rent would be true income and, if need be, can be used for extra damages beyond what the main security deposit would have covered.

Bruce:

I charge a $150 per animal registration fee that is non-refundable even if Mr. Fluffy-britches dies 10 minutes after he sets foot in the door. In addition, I also charge $15/month per animal pet fee, but am getting ready to raise it to $20/month per animal. This is simply added onto the total rent due and is not separately spelled out other than I have an agreement that states specifically which animal(s) are approved to be on the premises. That way there's no "we got rid of our cat, dog, Mina bird and we want our rent to go down." It's all spelled out in the lease and animal addendum. The rent stays the same for the duration of the lease, and if they want to try to renegotiate later that's fine.

Think of it this way: Mr. F-B can pee on your carpet and destroy it on the first day he moves in, costing $1000s. All you're doing by carving up the payment at an extra $20 - $35 per month is breaking up a large fee that would otherwise not be manageable for the tenant. Therefore, there is absolutely NOTHING WRONG with continuing to have the rent stay the same even if pet dies, leaves, etc.

Everyone pays...no one blinks or argues. Tenants expect to pay now because the "big boy" professional management companies all do it this way.

My units are solid "Class C" rentals that are basic, functional, and clean...nothing fancy. I also don't have many wall to wall carpets left. Almost all are vinyl, hardwoods, or ceramic tile.

I used to ask for an extra $200 added to the security deposit per pet (so refundable). But now I am basically doing exactly what Sid is doing (same amounts too). I just had someone move in who paid pet fees and rent for a cat and dog and they did not question it.

I charge a pet registration fee and a monthly pet rent. Like Sid, I do not split out the rent amount and I do not reduce the rent if they get rid of the pet during the lease term.

Bruce,

It's about what people are willing to pay.

They WILL pay you $150 per animal Non-Refundable Animal Registration Fee plus $35 per animal per month.

Experience: I USED to have a pet DEPOSIT. I stopped that after being burned in court. The deadbeat res stopped paying rent, trashed the house and owed me THOUSAND$$, not likely to ever be paid. But because Mr Fluffypants the dog did not do any damage, the court ordered me to REFUND the pet DEPOSIT. The res owes me thousands yet I had to write him a check for $300. Never again.

S I D and J, you are leaving money on the table.

Just TRY $35 per animal on the next vacancy and test me on this! Have I led you wrong on anything else!? People WILL pay it. We have MANY with 2 animals paying an extra $70 and a few with 3 at $105 extra per month.

-BRAD

This advice is much appreciated. For future lease signings, I will look into how to formalize such changes with our lease agreement.

Thank you, everyone.

Bruce