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More than once, and increasingly lately, I'm being told by tenants that it's "kWaZy" to expect them to come up with first month's rent, last month's rent, a security deposit, and a pet fee, if applicable. Who just has $1500-1700 sitting around in a bank account? Well, I do, but I'm the landlord! Given that the average American has ZERO savings and is in fact deeply in debt, is this still the going rate for entry?
More than once, and increasingly lately, I'm being told by tenants that it's "kWaZy" to expect them to come up with first month's rent, last month's rent, a security deposit, and a pet fee, if applicable. Who just has $1500-1700 sitting around in a bank account? Well, I do, but I'm the landlord! Given that the average American has ZERO savings and is in fact deeply in debt, is this still the going rate for entry?
I'm not sure what your point is. Are you actually sympathizing with your tenants and saying that you are charging them too much? It almost sounds like you are suggesting that. Then in another sentence it sounds like you're starting a generic rant thread on why Americans can't save money anymore. And last of all, it sounds like you might be asking us if you are charging your tenants the right amount for first month's rent, last month's rent, and deposit (and that, of course is dependent on your individual property and geographical area). So which is it?
Well, maybe your crazy, but if they don't like the terms, they are welcome to rent elsewhere.
If they can't pull that much together, then there's a pretty good bet you're going to get stiffed one month when the car breaks down, etc., etc. and they need to repair it.
More than once, and increasingly lately, I'm being told by tenants that it's "kWaZy" to expect them to come up with first month's rent, last month's rent, a security deposit, and a pet fee, if applicable. Who just has $1500-1700 sitting around in a bank account? Well, I do, but I'm the landlord! Given that the average American has ZERO savings and is in fact deeply in debt, is this still the going rate for entry?
Umm, sounds like the monthly rent is like $500 bucks for your apartments? Do the math - first, last, security deposit = $1500. That's $500/month.). In many parts of the country, that would be a pretty awful apartment.
I can understand why 'that' kind of apartment is going to get tenants that haven't any savings and have tapped out their debt.
Umm, sounds like the monthly rent is like $500 bucks for your apartments? Do the math - first, last, security deposit = $1500. That's $500/month.). In many parts of the country, that would be a pretty awful apartment.
I can understand why 'that' kind of apartment is going to get tenants that haven't any savings and have tapped out their debt.
That would be a reasonable price for a decent one bedroom in most of the country, and even kinda high in many parts. Just because rental prices have sky rocketed in the triangle, does not mean they have everywhere else.
It's not unreasonable at all and you wouldn't want to rent to someone who didn't have even that small amount to put down anyway. It's an easy way to weed out those are aren't responsible enough to save (or pay their rent).
No, I am not sympathizing with the tenants. I just wonder if other landlords are cutting tenants slack (from previous standards I thought were pretty uniform across the board) now that the fabric of society is unraveling at warp speed.
Am I "crazy" to have rental property at all these days? YES. Unloading it as fast as I can.
People living paycheck to paycheck don't have savings enough for first, last and deposit. It's just the way it is. If their situation were better, they'd be thinking of buying, not renting.
Go by your gut instinct as far as how honest you think people are and avoid anyone who seems to have drug issues or who is unable to discuss things with you calmly. And check out their car - older is okay, messy inside is a clue what your place will look like when they're done with it.
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