What are pet deposits, and how are they handled?

Pet deposits are specifically fees paid by tenants to cover potential damages that may be caused by pets living in the rental property. This type of deposit is intended to protect the landlord from additional costs that could arise from pet-related damages, such as scratched floors, stained carpets, or any other wear and tear that may exceed normal usage.

Unlike general maintenance fees, which are typically not direct payments from tenants but rather cover ongoing property upkeep, pet deposits are specifically tied to the presence of pets in the unit. They are distinct from security deposits, which serve a broader purpose by covering defaults in rent or other damages not expressly related to pet ownership. Additionally, pet deposits are not monthly fees but rather one-time payments made at the beginning of a tenancy that may be refundable, depending on the property's condition when the tenant moves out.

This structure ensures that landlords have the necessary funds available to mitigate the risks associated with allowing pets while providing clarity and protection for both parties involved in the rental agreement.