Last months rent included in lease (real estate, rental, eviction)

[roatanbj3]

We have always included the last month's rent as well as a separate security deposit when we rented our duplex.
Yesterday I was told by a Property Manager that the last month should not be included in the lease, however she could not explain why this should not be done.
Anyone that can clarify this for me or send info as to where to find the answer would be appreciated
Thanks
bj

[reginhild]

I've seen both...but more often just a security deposit and rent paid at the beginning of the month for the month due.

I guess some places do the first and last months rent paid so they have a month cushion for eviction if someone does not pay.

[MMichelle]

It's possible to collect a security deposit, first and last month's rent. All monies collected must be accounted for - they must be labeled security deposit or rent. I'm not aware that there is anything contrary to statue in Colorado for collecting additional rent prior to the commencement of the lease.

If your property manager is saying you "shouldn't" collect the additional rent you need to ask her why? It would be my guess that she is perplexed as to where to park the additional rent. A property manager must hold security deposits in trust accounts and rents must be in a different account. The monies can not be in the same account. So, the "last month's rent" could not be in the trust account.

[redsoxgurl]

I was a real estate agent in Mass and it was against the landlord/renters laws to have first, last and security. I don't remember why. You could ask for first and security OR first and last. But not both. I would check the law in CO because it may have a similar statue.....

[roatanbj3]

Thanks for answers. Does anyone from Colorado know who I would contact to find out what the law is. The putting of funds in a separate account is not a problem as this manager only does the renting and lease signing and then we do collection of rent and handling of funds. Only have one rental and monthly handling is easy enough with a property manager.

[JGalt01]

Hi roatanbj3, did you ever find an answer to your question? I'm new to being a landlord and have a tenant who signed a lease with me under which I collected a security deposit and half of the last month of rent. They are now claiming that it is not legal for me to have collected part of the last month of rent and refusing to pay that amount of this month's rent. I've searched all over the place on the web and haven't found anything showing specifically that this is illegal. Did you find anything?

Thanks!