Frequently Asked Questions

About Mynd's Pet Guarantee

Mynd Management's Pet Guarantee Explained

What is the Mynd Pet Guarantee?

Mynd Management will cover the cost of all damage above normal wear and tear of up to $2,500 at your rental property caused by a pet that has been approved by Mynd during the leasing process. The Mynd Pet Guarantee excludes all service animals, per the Fair Housing Act, and all collection efforts will be conducted by Mynd.

Exactly how does the Pet Guarantee work?

If property damage and pet damage combined exceed the security deposit paid by your resident, Mynd will invoke the Pet Guarantee. In other words, we will protect your asset up to $2,500 if there was damage caused by a Mynd-approved and screened pet in your rental. 

To illustrate exactly how it works, consider the following three examples:

Scenario #1

Let’s say resident John Smith has a security deposit of $1,000. In this scenario, John causes $250 in property damage and $250 in pet damage. Combined, this total is $500, so the security deposit covers both property damage and pet damage. As a result, the owner will not receive the Pet Guarantee payout but will be paid through the tenant’s security deposit.

Scenario #2

John causes $900 in property damage and $200 in pet damage for a total of $1,100 in damages. 

Property damage is $900

Pet Damage is $200

Total damage is $1,100

The security deposit will cover the $900 of property damage and $100 of pet damage.

The Pet Guarantee would be invoked and $100 would be credited to your account to cover the remaining pet damage .

Scenario #3

John causes property damage of $2,000 and pet damage totaling $250. His security deposit will cover $1,000 in property damage. In this case, the Pet Guarantee would be invoked and the pet damage of $250 would be credited to your account.

If I qualify for the Pet Guarantee, when can I expect to receive payment from Mynd?

The guarantee is paid out once a resident vacates and Mynd has completed the Security Deposit Accounting. Any time total pet and property damage exceed the amount of the security deposit payout will occur during the next monthly distribution.

I currently have residents in my property. Would I qualify to receive the Pet Guarantee?

The guarantee only applies to new leases signed on or after February 1, 2021.

Does this affect residents who renew their lease?

No. The Pet Guarantee does not currently apply to renewal leases, it only applies to new leases executed on or after February 1, 2021.

I currently receive pet rent. Will that stop now that the Pet Guarantee is in place?

No. If you are currently receiving pet rent from an existing resident, you will continue to receive the pet rent but you will not be eligible to receive the guarantee.

Will I receive pet rent for any new resident after the Pet Guarantee starts?

No. Instead you will receive the Pet Guarantee, which provides $2,500 of protection for any damage beyond normal wear and tear caused by a pet approved by Mynd/ This will replace the pet rent that you previously received.

Will residents still pay a pet deposit?

No. They will pay a small monthly pet charge. By not having to pay a deposit, we are making it easier to lease your property, resulting in faster lease-up times and lower vacancy rates. Mynd provides $2,500 of protection against any pet damage.

Can I still decide if I want to accept pets or not?

Yes, you can choose not to accept pets at your property. However, Mynd strongly recommends that all of its owners allow pets in their rental homes. Pet-friendly properties lease an average of 10 days faster and have a 4% lower vacancy rate. The majority of renters — at least 80% — own a pet.

Why does Mynd offer a Pet Guarantee?

By offering a Pet Guarantee, Mynd fulfills its commitment to creating happy homes and healthy investments. Studies by the National Association of Residential Property Managers and have shown that pet-friendly homes lease faster on average, and residents tend to remain in the property for a longer period of time. 

Generally speaking, owners who do not allow pets in their properties fear the potential damage and added expenses pets may cause. Mynd created the Pet Guarantee to overcome this challenge.

Do I have to file a pet claim to receive the Pet Guarantee?

No. When Mynd performs the security deposit disposition, the Pet Guarantee will automatically be invoked based upon the three scenarios described above.

What happens if there is a pet claim?

Mynd will credit your account the full amount covered under the Pet Guarantee.

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