Quote:
Originally Posted by tom1944
Okay so if you do not allow it and a tenant does it anyway what do you do about it?
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If there was never an agreement between LL and tenant about using security deposit as last month pay. Tenant isn't basically paying on-time which means LL can charge late fee and can put you into collection for defaulting to pay rent if you don't make the payment for rent because LL never agreed to use security deposit as last month rent. Once you go into collection, it will be a hit on your credit score and annoying for the tenant due to bothersome collectors.
Plus there are side things too LL can do such as giving you bad reference which may not matter a lot in most part of NJ but in parts like NYC it will certainly matter.
It's just not worth the headache to use security deposit as last month rent unless its agreed and I'd go far as saying explicitly part of the lease so you have it in writing.
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