Pet deposits
Pet deposits allow properties to collect refundable pet deposits. Pet deposits are requested as soon as a pet is added to the lease and released at move-out along with the security deposit held.
Collecting the deposit
Properties have the ability to set the deposit amount based on the total # of pets . The amount can be a fixed amount or a multiple of monthly rent. Whale will continually monitor the number of pets associated with the lease to ensure the correct deposit amount is collected.
Example
John is approved for a lease at an apartment with his dog. Because the property requires a security deposit of $1,000 and a pet deposit of $200 for the first pet, Whale will automatically request a deposit of $1,200.
A few months into his lease, John gets a second dog. Because the property is configured to require a total pet deposit of $500 for 2 or more dogs, Whale will request an additional $300 deposit.
Learn more about how Whale calculates deposit amounts here.
Locking and returning the deposit
Renters earn interest on pet deposit(s) held in their Whale account and the deposit remains locked until the property releases the funds at move-out along with any security deposit held.