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Location: The Chatterdome in La La Land, CaliFUNia
39,031 posts, read 23,014,069 times
Reputation: 36027
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Hello,
I came across a unique situation and wanted some feedback from those that work in property management. I'm a renter with 19 years of rental history and excellent credit. I visited a complex in Southern California that I liked. I wanted to apply for an apartment that won't be available for showing until mid-January and was shown a similar unit. The company wants a 900 deposit to hold the unit even though I haven't seen the actual unit. $900 seems awfully high of a deposit for someone with excellent credit and stable rental history and unusual as most other places I've looked only require $500 on approved credit. The tricky thing is that I'm concerned about potentially losing my deposit if the unit isn't what I expected. I liked the complex, price and location but the high deposit concerns me. Thoughts?
Location: The Chatterdome in La La Land, CaliFUNia
39,031 posts, read 23,014,069 times
Reputation: 36027
Quote:
Originally Posted by CrabbyAppleton205
What is the rental price?
$1855 for two bedroom. This is around the price that other complexes are offering the two bedrooms but the security deposit is 900 versus the 500 I've been quoted elsewhere.
Is it a security deposit or holding deposit? If it's security deposit it is normal. If it's a non-refundable deposit to hold it until that day (that they apply towards security), then it's high.
Location: The Chatterdome in La La Land, CaliFUNia
39,031 posts, read 23,014,069 times
Reputation: 36027
Quote:
Originally Posted by Mr_Geek
Is it a security deposit or holding deposit? If it's security deposit it is normal. If it's a non-refundable deposit to hold it until that day (that they apply towards security), then it's high.
It is a security deposit BUT I'd have to pay it in advance to hold the property. If I back out, then I could lose some or all of it as they took it off the market. Makes me nervous as I've only seen a similar unit but not the actual unit I'd be renting as it is still occupied.
Location: The Chatterdome in La La Land, CaliFUNia
39,031 posts, read 23,014,069 times
Reputation: 36027
Quote:
Originally Posted by CrabbyAppleton205
It doesn't seem high to me on an $1800+ unit. If it makes you uncomfortable just walk away.
I'm not that knowledgeable but just thought it was high considering other nearby apartments have lower security deposit (priced same or higher). It is standard practice to have someone pay a $900 deposit just to hold a unit especially if the unit itself isn't ready for viewing?
You viewed a SIMILIAR unit. Adjusting for the floor and location the view would be different. Account for that. The condition should be the same. Is this a walk up? The $900 deposit is 1/2 the security. Not unreasonable
Location: The Chatterdome in La La Land, CaliFUNia
39,031 posts, read 23,014,069 times
Reputation: 36027
Quote:
Originally Posted by jerseygirl318
You viewed a SIMILIAR unit. Adjusting for the floor and location the view would be different. Account for that. The condition should be the same. Is this a walk up? The $900 deposit is 1/2 the security. Not unreasonable
The 900 is the entire security deposit. I just never been asked to foot that type of money down for an apartment that I haven't seen as it was verbally communicated that the one I viewed is similar (just with different flooring). Maybe I can understand $100-200 deposit to hold the unit but not $900! Even my current apartment was held for me 5 years ago and I do not recall a deposit being required. My concern is that if the apartment happens to be significantly different than what I had viewed or if there's issues, then I'm concerned about losing the deposit, which is a significant amount of money. I did like the complex itself, floor plan of the 2 bedroom unit and the location is so convenient to work. I'll just need to hold off until the unit is available for viewing and hope for the best. If the unit is taken, then it wasn't meant for me.
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