It is getting harder to rent? (apartment complex, leasing, renter, security deposit)

[ajzjmsmom]

I was reading a post on another forum and the poster said they were told by an apartment complex that they would have to pay 6 months up front. The poster said they owned a home in FL that was rented and other than that they didn't have any other debt, their salary was in the 250k range. With foreclosures on the rise I would think that more people will be renting, if they are foreclosing then they are already tight money wise how are they going to afford 6 months in advance. I also would imagine more people are going to have some dings on their credit with our economy, what will people do? Do you think we are going to start to see a trend of it getting harder to rent? I do understand that sometimes posters don't post the whole story but this just got me to wondering. I know there are some property managers on here just wondered what their thoughts were on this?

[prettyred]

Originally Posted by ajzjmsmom

I was reading a post on another forum and the poster said they were told by an apartment complex that they would have to pay 6 months up front. The poster said they owned a home in FL that was rented and other than that they didn't have any other debt, their salary was in the 250k range. With foreclosures on the rise I would think that more people will be renting, if they are foreclosing then they are already tight money wise how are they going to afford 6 months in advance. I also would imagine more people are going to have some dings on their credit with our economy, what will people do? Do you think we are going to start to see a trend of it getting harder to rent? I do understand that sometimes posters don't post the whole story but this just got me to wondering. I know there are some property managers on here just wondered what their thoughts were on this?

I was wondering the same thing myself., What are apartment complexe corporations going to do? Everyone is affected by the economy. That should not mean that Landlords/Property Managers should give rentals away. But on a case by case basis maybe consider the person's rental or mortgage history prior to that person losing their job or home. Just my piont of view...

[killer2021]

What I am thinking is that nothing will change until their wallets start to hurt with higher than normal vacancy rates. If the managers can keep those units occupied, nothing will change. If the vacancy rate is low, they can demand all sorts of things because they aren't in a rush to fill the units.

When the vacancy rate is high, you won't see them demanding 6 months rent, 1 month security deposit etc. simply because every day there is no renter leasing that unit there is lost profit.