Rental deposits and fees (coral springs, parkland, pembroke pines, and weston area) (rentals, credit)

[Nola9grl]

Originally Posted by Bobdreamz

In the Orlando area you basically put up 1st. month's Rent & a equivalent deposit with a additional pet deposit.
I've asked about the difference between SE Florida and metro Orlando and many agents said a lot of renters won't live out their leases for a year hence they charge last Month's rent.

Others have said their is a lot more "cash" wealth in SE Florida where renters can afford first & last month's rent + a security deposit upfront.
Orlando's economy with wages can't ask for 3x amount to move into a rental.

I know the Orlando area pretty well and I assumed SE Florida was the same. I can understand the owners reasoning hopefully because were moving there for a job they may be willing to work with us.

[Nola9grl]

Originally Posted by AnnRyan

Interesting that no one commented the obvious... EVERYTHING IN REAL ESTATE IS NEGOTIABLE. Landlords routinely reduce the deposit if you can demonstrate that you're going to be a stable renter.

I assumed not because BNBR stated they can get what is asked for so they don't negotiate.

Originally Posted by BNBR

Depends where you are renting and how active the listing is. I don't think I've ever negotiated the deposits. My realtor tells the renters realtor up front that it's non-negotiable. But we have a very strong rental market with full price offers rolling in.

If a listing has been sitting a bit, then of course it's more negotiable.

If looking for a nice house in Weston or a good school district, it's going to be much more challenging negotiating.

I heard the bigger homes don't rent as fast, is that true?

Originally Posted by BNBR

As said, 2 of the deposits are first and last months rent. So you are just paying your rent for 2 months of the year up front. Then, of course, a security deposit and a pet deposit if you have pets.

Note that a landlord gives up the first month rent to a realtor, nothing you do, but landlords definitely factor that in when wanting to make sure to collect enough of a deposit since they take a lot more financial risk with a $3500 realtor fee. Part of the reason I'm very picky on my more expensive rentals.

Are you saying my rent wouldn't be due for 2 months if I pay 3x rent in deposit fees?

[BNBR]

Originally Posted by Nola9grl

I assumed not because BNBR stated they can get what is asked for so they don't negotiate.



I heard the bigger homes don't rent as fast, is that true?



Are you saying my rent wouldn't be due for 2 months if I pay 3x rent in deposit fees?

First and last. You pay your first in the deposit, and your LAST month of rent is prepaid as well. So the last month before the lease ends.

I would agree that bigger homes usually don't rent as fast. But as an example, the home I listed that got multiple full price offers in 1 day was $3250. So you are talking about $3500... not far off. But that doesn't mean it'll rent overnight or within a month. Ask your realtor how long it's been listed and don't be afraid to negotiate anyways, all they can say is no. I would negotiate the last month rent out if you are going to try.

[Nola9grl]

Originally Posted by BNBR

First and last. You pay your first in the deposit, and your LAST month of rent is prepaid as well. So the last month before the lease ends.

I would agree that bigger homes usually don't rent as fast. But as an example, the home I listed that got multiple full price offers in 1 day was $3250. So you are talking about $3500... not far off. But that doesn't mean it'll rent overnight or within a month. Ask your realtor how long it's been listed and don't be afraid to negotiate anyways, all they can say is no. I would negotiate the last month rent out if you are going to try.

Thank you for explaining the process. I haven't rented in so long due to living in military housing and going straight into my own home from there. I just remember first month rent and the security deposit but that was also in CA. I will try to negotiate but be prepared just in case. Im just trying to figure out how much were going to need saved up. Thank you everyone!

[BNBR]

One last thing. And I totally forgot to mention, the reason landlords require last month rent is that tenants ALWAYS try and live out their security deposit, and this greatly reduces that.

[Nola9grl]

Originally Posted by BNBR

One last thing. And I totally forgot to mention, the reason landlords require last month rent is that tenants ALWAYS try and live out their security deposit, and this greatly reduces that.

What does live out the deposit mean?

[BNBR]

Originally Posted by Nola9grl

What does live out the deposit mean?

Security deposit is for damages, returned to you if the place is undamaged, but tenants will try and not pay their last month and tell the landlord to use the security deposit. So now landlords require last month up front.

[Nola9grl]

Originally Posted by BNBR

Security deposit is for damages, returned to you if the place is undamaged, but tenants will try and not pay their last month and tell the landlord to use the security deposit. So now landlords require last month up front.

Ok I see, thanks for that explanation

[AnnRyan]

BNBR the more you say, the more I'm curious about the property that you're talking about. Can you PM me the address? I'm curious what the comparables were. Usually, the low rent properties are very competitive, but it isn't that common that you have multiple offers on a property that pricey.

[BNBR]

Originally Posted by AnnRyan

BNBR the more you say, the more I'm curious about the property that you're talking about. Can you PM me the address? I'm curious what the comparables were. Usually, the low rent properties are very competitive, but it isn't that common that you have multiple offers on a property that pricey.

Sent you a message Ann. It's a prime house in Cooper City, possibly the best lot in the city. I think worth more than I was asking, too.