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A pet lease amendment is a legal document that allows renters to have specific pets in their unit, supplementing the original rental agreement. The video clarifies the distinction between "addendum," which is attached at the lease signing, and "amendment," which modifies the lease after move-in. A pet lease amendment comes into play if a current tenant wants to add a pet. Additionally, landlords can impose restrictions on the types or sizes of pets allowed, such as limiting tenants to only cats or dogs under 40 pounds. The amendment may also include adjustments to rent or deposits related to pet ownership. The video provides insight on obtaining an official template for these amendments.