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First, last and security deposit has always been the norm for places I've rented (WV and PA). However, I've never had a LL who wasn't willing to split the deposit over two payments. So moving in would be first, last and half the deposit with the second half of the deposit paid with the rent on the second month. I've known others who would break it into even smaller payments over three months or split it in half as two months rent for the first two months to cover the first, second, last, and security.
I would never split the sec. deposit...it means the tenant has no money and will be sooner than later a deadbeat. It is one of the most important rules in renting of what not to do....sec. deposit +first months need to be paid in full upon moving in!
Don't know any that would split the deposit... it defeats the entire reason of having a deposit as security...
I also verify funds... cash is fine... anything else I need to verify...
Had a very bad experience when I first starting out and had a 2 bedroom house available...
A family in a U-haul truck came to my open house and said the home was perfect and wanted to move-in the next day... everyone else would need a couple of weeks to 30 days to move-in... the application looked great and I made some calls... 30 years ago I was not checking the credit bureaus.
Anyway, I rented to them and they moved in on Sunday... Tuesday I learn from my Bank the check was written on an account that was closed the day before... the account was open on Saturday when I verified funds and it was closed on Monday
I never saw a penny from these people and it cost me $600 in legal fees to evict them... they lived in my house for nothing for 5 1/2 weeks... yes, I got a Judgement... so anyone running a credit check would know what had happened.
After that I joined the local Rental Housing Association and ran credit checks on each applicant...
I've rented in North and South Carolina, and I've never even heard of a landlord requesting the last month's rent. It has always been first month + security deposit, and in the one apartment complex I've lived in, the security deposit was only about 1/3 of a month's rent. Unless I had no other alternative, I don't think I'd do business with a landlord who required the last month's rent.
And no, it isn't "all the same, since I was paying it anyway" - as a tenant, not only do I have to come up with significantly more cash from the get-go, but I also suffer from the opportunity cost of not being able to invest that capital for the duration of the lease. It is bad enough that the landlord gets to keep the interest from my security deposit.
I've rented in North and South Carolina, and I've never even heard of a landlord requesting the last month's rent. It has always been first month + security deposit, and in the one apartment complex I've lived in, the security deposit was only about 1/3 of a month's rent. Unless I had no other alternative, I don't think I'd do business with a landlord who required the last month's rent.
And no, it isn't "all the same, since I was paying it anyway" - as a tenant, not only do I have to come up with significantly more cash from the get-go, but I also suffer from the opportunity cost of not being able to invest that capital for the duration of the lease. It is bad enough that the landlord gets to keep the interest from my security deposit.
I have never charged last months rent but I did tell people who wanted to rent from me that I would charge it if they have hardly any references and nothing else to proof they are good for their money....
If I get an application that I don't trust at all, like through the internet from another State or Country and the person wants to rent without seeing my property...they can after proof a a job, passport/visa copies, etc... + if they want to pay by check the check has to be cleared and they have to wait for at least 20 days before they can move in...if the check will bounce i will know before they move in ...I had a few applications like that and after my email, they never responded anymore...
I've rented in North and South Carolina, and I've never even heard of a landlord requesting the last month's rent. It has always been first month + security deposit, and in the one apartment complex I've lived in, the security deposit was only about 1/3 of a month's rent. Unless I had no other alternative, I don't think I'd do business with a landlord who required the last month's rent.
And no, it isn't "all the same, since I was paying it anyway" - as a tenant, not only do I have to come up with significantly more cash from the get-go, but I also suffer from the opportunity cost of not being able to invest that capital for the duration of the lease. It is bad enough that the landlord gets to keep the interest from my security deposit.
Again it all depends on where the rental is located and applicable law...
Part of the reason is bound to be that it is very time consuming in some areas to have a non-paying tenant removed... in others, like I understand Texas is... the process is much faster...
Local SF Bay Area Property owners became more interested collecting larger deposits as the difficulty in removing problem tenants increased...
As a side note... some courts have maintained Last Month Rent is exactly that... so if you paid $200 last month rent 20 years ago and the Landlord did not adjust it as the rent increased the case was argued the last month rent was pre-paid even it the rent was now $2000 per month...
CA sought to clear this up in that all deposits collected from a Tenant is deemed to be a Security Deposit and is limited in amount by statute...
A few Apt communities in DE started taking payment plans on the SD
They're not better locations and have a high vacancy ratio.
Quote:
Originally Posted by pers
First, last and security deposit has always been the norm for places I've rented (WV and PA). However, I've never had a LL who wasn't willing to split the deposit over two payments. So moving in would be first, last and half the deposit with the second half of the deposit paid with the rent on the second month. I've known others who would break it into even smaller payments over three months or split it in half as two months rent for the first two months to cover the first, second, last, and security.
Honestly, 3 months rent, depending on where you live (Manhattan versus Dingleberry, MT) is a LOT to come up with. And from the renters point of view 3 months rent can be a bit of a put off unless it is handed over at exactly the same time as the keys and possession of the property. There have been "landlords" who have run off with 3 months rent because in places where rent is overpriced like San Francisco, Los Angeles and New York City 3 months rent for a STUDIO apartment could be $6000, let alone for a 3 bedroom apartment for your family. Then you could be talking about $8000 and up. That's a tremendous amount of money to just hand to someone.
The distrust goes both ways for many reasons. Renters are certainly not the only ones scamming people. I've had more shady landlords than I care to admit...which is why I am now a homeowner. Cheaper to be a homeowner than to rent in many places.
Honestly, 3 months rent, depending on where you live (Manhattan versus Dingleberry, MT) is a LOT to come up with. And from the renters point of view 3 months rent can be a bit of a put off unless it is handed over at exactly the same time as the keys and possession of the property. There have been "landlords" who have run off with 3 months rent because in places where rent is overpriced like San Francisco, Los Angeles and New York City 3 months rent for a STUDIO apartment could be $6000, let alone for a 3 bedroom apartment for your family. Then you could be talking about $8000 and up. That's a tremendous amount of money to just hand to someone.
The distrust goes both ways for many reasons. Renters are certainly not the only ones scamming people. I've had more shady landlords than I care to admit...which is why I am now a homeowner. Cheaper to be a homeowner than to rent in many places.
The last post on this thread was October 8, 2009 before you decided to jump in today to resurrect it, about 15 months later. Any particular reason or did you just need to vent for some reason? Oops, just noticed you only just joined CD and this is your first post. Aaargh!
I would never split the sec. deposit...it means the tenant has no money and will be sooner than later a deadbeat. It is one of the most important rules in renting of what not to do....sec. deposit +first months need to be paid in full upon moving in!
The two times I've asked the landlord was happy to split the deposit over two months, and it seems to be pretty standard for landlords to work with folks that way around here.
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