Start a new topic

Pet deposit vs. pet rent

I'm in Colorado and I'm curious about the difference in a "pet deposit' and 'pet rent'.  If I understand correctly, a pet deposit has to be considered refundalble.  And if we charge a pet rent that is paid on a monthly basis, it does not have to be refundalbe.  However, what if the tenant would rather pay the pet rent in a lump sum.  Can we call it 'pet rent' that is just paid in advance and not have to refund it at the end of the lease, or do we have to call it a 'pet deposit' at that point?  And another question along with this...what if the tenants pay a lump sum (whether as a 'pet deposit' or as 'pet rent') then the dog passes away.  As a landlord are we obligated to refund the tenants a prorated amout?
1 Comment

Anything referred to as a "depost" is deemed as refundable, unless it is specified as a non-refunadable deposit; in which case I would call it a "fee".  For all intent and purposes, if I were going to charge an additional monthly amount of rent because Tenant has a pet; I would not refer to it as anything; I would just increase the rent on the lease contract. For instance, if you normally charge $500 per month - change your monthly rent to $550 if Tenant has a pet. IF a dog passes, or leaves the apartment BEFORE you refund anything, I would conduct a thorough inspection of the rental unit.
Login to post a comment