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In Florida, it's like a trend to never pay last month's security deposit. Both my neighbor's have investment condo's and their tenants routinely never pay last month's rent in lieu of security deposit. Nurse at work also rented and said she didn't pay last month's rent either.
From a tenant's view point, they are concerned landlord won't refund security deposit.
So landlord who only ask for security deposit could risk not having the security deposit cover for damages beyond standard "wear and tear"
Also with newer "tenant's rights laws" to protect tenants in homes that are in the middle of a short sell/foreclosure, it makes the process to evict a tenant much longer and you literally would go 3 months before getting the tenant evicted.
Bottom line, you need to protect your property.
I'm not sure if I can follow what you are saying....
We have a property management company and always charge last month rent to any one who doesn't have good credit. Is doesn't make the eviction process any longer...it stays the same. If a person doesn't pay the rent than we file for eviction and even if we have last month rent that is exactly what it is meant for not for non-payment and than stating later in court that it was last month rent that could be used....last month rent is for the last month not for any other month. But maybe that was what you meant to say.
"hey then your last months rent is prepaid"
"I require it as a litmus test"
"You get your security deposit back anyways" ...
WRONG WRONG WRONG!
The credit score should be your litmus test. If someone has good rental history, an 800+ credit score, and proof of income why are you automatically taking their money? And I've had more than a couple apartments try and screw me out of part of my security deposit and taking someone to court goes two ways... it's no cheaper trying to fight for my money than it is to fight for yours! Paying the equivalent to three months rent up front is robbery. You're expecting funds equal to 25% of the value of that lease -- not a great way to start a trustworthy relationships with a tenant you hope to keep! That's more of a down payment than a bank wants to purchase a home... and this is property you OWN!
I'd like to save money for a rainy day, invest, and comfortably purchase some furniture for the unit I'm paying for. You as the landlord shouldn't rent to bad tenants and then take your bad choices out on everyone... You've chosen this business and no business is without risk. Don't make good tenants with good credit and good jobs pay for it!
When you start to put less value in the credit process, you're going to see more people defaulting on you. You can't expect them to value their credit history and score if you don't!
I'd like to save money for a rainy day, invest, and comfortably purchase some furniture for the unit I'm paying for.
I have been a home owner, a landlord and for many years a tenant. I am perfectly happy as a tenant to pay first, last and one month's security and this is a common requirement in both where I live now and in previous locations. I do have a good renting record in both commercial and residential properties and many times have been successful in reducing the move-in fees requested - but I nonetheless accept them. Only in one instance did I have a minor problem having my full security deposit returned but a firm email to the landlady (whose claim was really ridiculous) advising her that, if she failed to return the balance due I'd have no hesitation in going to Small Claims Court, resulted in a cheque promptly being sent to me.
My point is, rather than railing about such requirements being WRONG WRONG WRONG, simply don't rent from a LL who has such requirements which in your opinion are so wrong. I very much doubt that you've ever been a LL so haven't experienced the other side of the coin. Nobody forces you to sign a contract containing clauses with which you disagree.
Paying the equivalent to three months rent up front is robbery.
No one is holding a gun to your head, if you don't like the terms, don't sign the lease. I have had tenants walk out on the last months rent and damages that exceeded the security deposit. They had a great credit score and recommendations when they started the lease.
No one is holding a gun to your head, if you don't like the terms, don't sign the lease. I have had tenants walk out on the last months rent and damages that exceeded the security deposit. They had a great credit score and recommendations when they started the lease.
Quote:
Originally Posted by STT Resident
I very much doubt that you've ever been a LL so haven't experienced the other side of the coin. Nobody forces you to sign a contract containing clauses with which you disagree.
I'm sure loan sharks and drug dealers say the same things... or price gougers during natural disasters marking necessities up 1000% to victims in need. It doesn't make it ethically or morally right.
The truth is communities depend upon reasonable landlords to provide fair housing. I'm not suggesting that the rental industry is without losses. No industries are though... you don't see restaurants requiring a $200 deposit due to those who have skipped out on their bill. You don't see retailers requiring collateral when you walk in the entrance due to past shop lifters. And the difference is that housing is a necessity... it's not a luxury good or service.
When this becomes the new standard, it's a sad day. When credit scores, rental history, and proof of income are all worthless. Single parents, young couples, the elderly, college students, and families rely upon you to be fair and ethical. Try not to take out your frustrations on everyone. 25% down is a lot for a space you own... and it's a lot to trust to a new landlord that you'll ever see it back in the end.
^^^ As I mentioned earlier, you've obviously never been a landlord. For every rotten landlord you read about there are as many (if not more) rotten tenants.
I'm sure loan sharks and drug dealers say the same things... or price gougers during natural disasters marking necessities up 1000% to victims in need. It doesn't make it ethically or morally right.
The truth is communities depend upon reasonable landlords to provide fair housing. I'm not suggesting that the rental industry is without losses. No industries are though... you don't see restaurants requiring a $200 deposit due to those who have skipped out on their bill. You don't see retailers requiring collateral when you walk in the entrance due to past shop lifters. And the difference is that housing is a necessity... it's not a luxury good or service.
When this becomes the new standard, it's a sad day. When credit scores, rental history, and proof of income are all worthless. Single parents, young couples, the elderly, college students, and families rely upon you to be fair and ethical. Try not to take out your frustrations on everyone. 25% down is a lot for a space you own... and it's a lot to trust to a new landlord that you'll ever see it back in the end.
Best wishes
Restaurants and retailers simply pass those losses on to their customers. You are paying for those losses, its built into the overhead costs. Criminals and deadbeats make the same kind of complaints you are, "You can trust me"!
I can be fair and ethical and still charge a deposit and last months rent, to ensure that you are not likely to skip out on the bill. If you fulfill your obligations, you get them, back.
Why should I risk putting my $200,000 house in the hands of a renter who can't afford to come up with $3,900 (first, last and deposit) and take all of the risks of renting to them?
I've had 1 landlord ask me for this. I was very young though only 19 years old at the time with absolutely no credit history. I paid it and I was fine there. I only moved out because I did a sex offender search and found out there was a rapist living on the same street and it made me uncomfortable.
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