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Old 03-05-2009, 06:09 AM
 
2,020 posts, read 2,656,550 times
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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, 06:27 AM
 
Location: Seaford, Delaware
3,360 posts, read 10,442,961 times
Reputation: 2202
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, 06:40 AM
Status: "I LOOOVE COLORS" (set 5 days ago)
 
30,114 posts, read 27,192,451 times
Reputation: 17564
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, 08:34 AM
 
4,249 posts, read 297,835 times
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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, 09:08 AM
 
Location: Tampa, FL
2,638 posts, read 6,182,396 times
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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, 09:27 AM
 
Location: San Jose, CA
6,868 posts, read 16,981,417 times
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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, 09:42 AM
 
15,704 posts, read 21,088,727 times
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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 03-06-2009, 12:51 AM
 
14,199 posts, read 26,341,715 times
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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, 03:18 AM
Status: "I LOOOVE COLORS" (set 5 days ago)
 
30,114 posts, read 27,192,451 times
Reputation: 17564
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, 11:16 AM
 
Location: California
2,060 posts, read 5,740,819 times
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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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