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Question for the landlords:
When you draw up a lease, what do you ask the renter to pay
1. security deposit + first month's rent
OR
2. security deposit + first month's rent + last month's rent
I am asking this because my current tenants plan to vacate by end of the month and they are late on their rent for this month.They want me to consider the deposit as their rent for this month which to me sounds outrageous. and apparently they don't have any money so i might get stuck with this deal.
This to me is like a lesson for next time. so maybe i will go with point 2 above but want to know how common is that?
Question for the landlords:
When you draw up a lease, what do you ask the renter to pay
1. security deposit + first month's rent
OR
2. security deposit + first month's rent + last month's rent
I am asking this because my current tenants plan to vacate by end of the month and they are late on their rent for this month.They want me to consider the deposit as their rent for this month which to me sounds outrageous. and apparently they don't have any money so i might get stuck with this deal.
This to me is like a lesson for next time. so maybe i will go with point 2 above but want to know how common is that?
-Thanks
A lot of renters with this problem now...they want to let the LL retain security as last month, however, depending on the original term of the lease, it's up to the LL. If there's no damage, it may be fine or if things happen on the "way out" you may end up using that deposit for repairs.
In my experience of being a renter, I've always had to give at least 1st month plus security. I have never been able to use security deposit as my last month's rent. Also, in that type of lease, the security is usualy 1 and 1/2 months rent.
First, last & security are a better way to go, but a lot of renter's can't come up with last months. Maybe if you want to go that way, you can break down the last month rent & add it on to the current rent so that move in can take place.
From my experience with a present issue, do not give a key without full payment, no matter what the story.
have to do with the housing board or laws. for my rent stabilized lease i gave one month's security and the first month's rent to get the keys. the statute that no more than one month's security be tendered was printed right on the lease. in my last apt which was not rent stabilized (it was in a co-op bldg) they asked me for 2 months security. i don't think there was a law limiting the amount of security deposit in that case
Amount of security deposit is Landlord Tenant issue determined by state law.
State law for Delaware is security deposit equal to, but no more
than one months rent.
Then theres whats considered pre-paid rent,anything beyond one months rent,
thats up to the property manager, not all are willing to take pre-paid.
Some States can charge double the rental amount for security
deposit, in others like Texas, there is no cap on security deposit amount.
Checking the Laws in your state is a must.
Last edited by virgode; 08-13-2009 at 01:13 PM..
Reason: pghing
first last AND deposit paid up front .. if they wanna play lets make a deal they very likely arent a tenant I want anyways ..
sure hard nosed BUT it honestly pays off .. I like Ladys suggestion but what if they dont have the extra the next month ?? to many issues better to keep my boss happy and my self in a job and be inflexable at the beginning I am always willing to work with them later if they need to move due to job loss or such there are folks out there who can pay and do it oh and dont forget the pet fee as well
move in at one of the places I manage? $1500.00 F/L/D and the pet fee is $200 non refundable
Question for the landlords:
When you draw up a lease, what do you ask the renter to pay
1. security deposit + first month's rent
OR
2. security deposit + first month's rent + last month's rent
I am asking this because my current tenants plan to vacate by end of the month and they are late on their rent for this month.They want me to consider the deposit as their rent for this month which to me sounds outrageous. and apparently they don't have any money so i might get stuck with this deal.
This to me is like a lesson for next time. so maybe i will go with point 2 above but want to know how common is that?
-Thanks
Send them a bill for the rent due + the Late fee(s). Their rent is late, and they need to pay it an any applicable fees. If they don't have money, hopefully they can pay you via paypal (using a CC) or borrow the money to pay the rent they owe you. How can they have no money, are they unemployed? At any rate, that's sad, but it's not your concern.
In my state the security deposit is returned, with any deductions for damages within a certain period of time after the tenant leaves and you inspect the apartment. It is not rent. I would let the tenants know the deal so they can find the money to pay the rent and avoid going to court with you and possibly ruining their credit, their judicial records and their ability to get a new home.
first last AND deposit paid up front .. if they wanna play lets make a deal they very likely arent a tenant I want anyways ..
sure hard nosed BUT it honestly pays off .. I like Ladys suggestion but what if they dont have the extra the next month ?? to many issues better to keep my boss happy and my self in a job and be inflexable at the beginning I am always willing to work with them later if they need to move due to job loss or such there are folks out there who can pay and do it oh and dont forget the pet fee as well
move in at one of the places I manage? $1500.00 F/L/D and the pet fee is $200 non refundable
$1500. F/L/D is good. The market varies around the country, is that for a 1 or 2Br?
2Br./ 1st month and SD in DE starts at $1600.
Last edited by virgode; 08-13-2009 at 01:30 PM..
Reason: info
I guess i got lucky.. I just got the keys to my first house im renting this past Tuesday. My LL is not making me pay a deposit or first and last month rent.. Plus letting me have the rest of Aug free and i dont even have to pay electric or water this month.. I dont even sign the lease till Sept 1st. Id say i got one nice LL and its 850 a month for a comp new renavated house. That has 3 bed and 1 1/2 bath
$1500. F/L/D is good. The market varies around the country, is that for a 1 or 2Br?
2Br./ 1st month and SD in DE starts at $1600.
3 bedroom in my area of MN in the TC its much higher
(pick up yer jaw Virgode I live in a small town 2 hours drive from MSP )
private houses are cheaper usually but still ...F/L/D +pet fee folks know and expect to pay it one good thing we tend to keep our tenants for longer time because its not as easy to save that much for up front new home place ..
I guess i got lucky.. I just got the keys to my first house im renting this past Tuesday. My LL is not making me pay a deposit or first and last month rent.. Plus letting me have the rest of Aug free and i dont even have to pay electric or water this month.. I dont even sign the lease till Sept 1st. Id say i got one nice LL and its 850 a month for a comp new renavated house. That has 3 bed and 1 1/2 bath
Wow, what part of Florida?
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