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Old 03-05-2009, 05:09 AM
 
2,019 posts, read 2,496,824 times
Reputation: 3119
Default What is up with first AND last month's rent?

This is something I've never heard of. I've lived in apartments all my life and have been living in my current one for quite a while now. I've always paid a month's rent and a month's security at lease signing and that was it.

A friend of mine (mid-50s) with a long-time stable job (teacher) is looking for an apartment and keeps hearing "first, last and security" from brokers.

She wants to move into this apartment and live there until she retires or dies. She's a very quiet person who lives alone and has no credit problems and a decent salary. Her current apartment immaculate and she keeps a lovely place. She has to move because the owner is selling and relocating.

Having to pay the last month's rent is like giving a free month's rent in cash as a gift since if you plan on staying there you'll die before you reach your "last month."

Is this something that's negotiable? I could see this type of thing being employed in an area that's very transient or with very young people who might just up and leave but wow, it sounds crazy to me in this particular case.
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Old 03-05-2009, 05:27 AM
 
Location: Seaford, Delaware
3,349 posts, read 9,881,171 times
Reputation: 2178
Anything is negotiable. Try it. Business has made some changes and LL are beginning to ask for more up front becasue of the increase in defauts. Ask for better terms and be prepared to prove your worthyness to pay less up front.
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Old 03-05-2009, 05:40 AM
 
28,597 posts, read 24,528,524 times
Reputation: 15940
most tenants dont pay you the last months rent and then live off the security deposit leaving the landlord with nothing as security for damages and expenses out of the norm


its also my litmus test...if they cant afford it i dont want them as my tenant..... i need to know at least coming up with 3 months wasnt a problem.... dosnt mean rent wont be a problem later on if they are out of work or sick but its better then someone moving in living hand to mouth
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Old 03-05-2009, 07:34 AM
 
Location: Bridgeville,Pa
4,177 posts, read 6,957,303 times
Reputation: 1976
I always get at least one months rent for security. I would love to get two but its hard these days.

Security is for damage only. It is not for rent ; although many tenants have an issue with this.

d
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Old 03-05-2009, 08:08 AM
 
Location: Tampa, FL
2,638 posts, read 5,766,837 times
Reputation: 3317
I think it is one of things that vary from region to region. I have always heard that "first, last, deposit" thing but have never actually been charged for that last month up front.
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Old 03-05-2009, 08:27 AM
 
Location: San Jose, CA
6,700 posts, read 16,216,553 times
Reputation: 2456
My current arrangement, they charged first, last and deposit. Total of $3400 to move in. The three apartments and room-share I had before that, first and deposit only.
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Old 03-05-2009, 08:42 AM
 
15,385 posts, read 19,863,664 times
Reputation: 6434
Quote:
Originally Posted by cleasach View Post
This is something I've never heard of. I've lived in apartments all my life and have been living in my current one for quite a while now. I've always paid a month's rent and a month's security at lease signing and that was it.

A friend of mine (mid-50s) with a long-time stable job (teacher) is looking for an apartment and keeps hearing "first, last and security" from brokers.

She wants to move into this apartment and live there until she retires or dies. She's a very quiet person who lives alone and has no credit problems and a decent salary. Her current apartment immaculate and she keeps a lovely place. She has to move because the owner is selling and relocating.

Having to pay the last month's rent is like giving a free month's rent in cash as a gift since if you plan on staying there you'll die before you reach your "last month."

Is this something that's negotiable? I could see this type of thing being employed in an area that's very transient or with very young people who might just up and leave but wow, it sounds crazy to me in this particular case.
If she really is what you are stating, than it probable wouldn't be an issue to have it negotiated. It is basically there for bad tenants, so you have money in case you have to evict them....it only came up due to many bad tenants....
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Old 03-05-2009, 11:51 PM
 
13,504 posts, read 24,628,462 times
Reputation: 7789
Quote:
Originally Posted by tilli View Post
I think it is one of things that vary from region to region. I have always heard that "first, last, deposit" thing but have never actually been charged for that last month up front.
States like California limit the amount of money collected at move-in/lease signing to 3 times the monthly rent for unfurnished rentals.

Most rental agreements in CA no longer use the term "Last Months Rent" because it limits the amount collected to rent.

Security Deposit is preferred because it is all encompassing... unpaid rent or damage
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Old 03-06-2009, 02:18 AM
 
28,597 posts, read 24,528,524 times
Reputation: 15940
theres a big difference in wording... a security deposit has to be kept in a seperate account and is not the landlords , last months rent is a prepayment of rent and is the landlords immeadiately
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Old 03-06-2009, 10:16 AM
 
2,028 posts, read 5,406,795 times
Reputation: 2770
Quote:
Originally Posted by mathjak107 View Post
a security deposit has to be kept in a seperate account
Not all states require this.
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