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Secure Peace & Quality Tenants: Why a Higher Pet Deposit Works in Malta
The standard security deposit in Malta's rental market is typically one month's rent. However, when renting to tenants with pets, many landlords face extra challenges ranging from minor damages to major ones from irresponsible pet owners, which a one-month deposit won't be enough to cover. So, could increasing the pet-related deposit to two or even three months' rent, which is a common practice in other EU markets, solve this problem?
Across Europe, countries such as Austria, Belgium, Germany, Italy, and even the Netherlands often require higher deposits, two- or three-month rent, to cover potential pet damage. Of course, one must reason well on the quality of his unit and the size or type of pet the tenant might have. For example, a small cat can only scratch a sofa, so a double deposit will be sufficient to cover it. This extra security protects the property and opens up a market of better prospective tenants. By experience, I can guarantee that most pet owners are more responsible and family-oriented than young, single tenants who may be more inclined to party and disturb neighbours.
After all, many pet owners view their furry companions as part of the family and are likely to treat their homes with extra care. By aligning Maltese rental practices with these European trends, landlords can help ensure that their properties are well-maintained and that the neighbours enjoy a peaceful living environment.
Ultimately, you will have better tenants with the help of an experienced and trusted agent who will screen for good, family-oriented tenants with pets and provide a well-drafted tenancy agreement.