XP: NEFR: cost of rent

swellinsocal

DH and I have been going in circles about this; neither of us can remember what we paid when we each rented an apt.  we plan to rent our condo for $1800/month on a one year lease.  is it standard to ask for the first and last months rent plus a security deposit of $400? the renter would have to cough up $4000! or is it standard to ask for the first month rent $1800 and a security/cleaning deposit of $400?

TIA

Dobie_Mama

We ask for first months & security deposit (1/2 of one month's rent) ... but we also live in an extremely low income part of the country and would never keep our houses rented if we asked for more than that.

triumphantreturnofplanningbug

Totally depends on where you are.

I rented from one place in Indiana where all I needed was the first month's rent and a $200 security deposit.

I rented from another place about five minutes from there where I had to pay the first month's rent, a security deposit equal to a month's rent, and half the last month's rent, which wouldn't be returned if I didn't stay the full length of the lease.

I rented in Ohio and had to pay a security deposit equal to one month's rent and nothing else, and another rental company in the same area required security deposit that was a month's rent, plus the first and last months up front.

We're renting our condo, and we asked her to pay a prorated amount from her move-in date, first month's rent, and a $200 security deposit.

Thrilling, trying to figure out what to do and how to do it, isn't it? 

crackerjackprinter

We we had an apartment in CA (a low cost of living city believe it or not) rent was $610 dollars and we did a security deposit only I believe. 

Here, we took over the lease of the guy who was in school here before DH, so I'm not sure what the deal was.  All we did was give the guy some $ to cover the security deposit he had paid.  I'll have to assume there was no last months rent since he didn't ask for that too.  

 

 

babyluv617

iluvmadbiker:

Anyway my experience was paying first month plus a security deposit equivalent to one month's rent (which must be kept in an intrest-accruing account and returned to the renter upon vacating the apartment).

This is what we paid.

Mystery2B

I've rented in multiple states and I've never had to pay first/last/plus security. 

In the Chicago area we paid first months rent and a security deposit equal to one months rent, so in your case that would be $3600 but would include rent for the month they move in.

Right now in Arizona we paid the security deposit when we signed the lease (about half of one months rent) and then paid the first month's rent when we got the keys. 

katater

In Chicago we had to pay first month's rent and 1 month rent for security deposit up front, since we moved from there we've had to pay either a non-refundable $100 fee for security deposit and 1st month's rent when we got the keys or first month's rent plus half-month's rent for security deposit.  

HikerBride07

In DC we paid first month and security deposit (equal to monthly rent).  I've never had to pay anything for cleaning.

Lady Galadriel

We paid first month and a deposit equal to 1 month rent.

aspade

I've rented all over the country and for my entire adult life, and I can tell you that NEVER have I paid less than a full month's rent for the security deposit.  It's often been a month's rent, but sometimes it's been a month and a half.  Don't take just $400 for the deposit because the security part is YOUR security.  You want renters who can afford to pay a bunch of money up front because you want renters who can afford such high rent no problem.  I don't think I've ever had to pay last month's rent up front, but usually the first.  And I would insist the apartment be in the condition it was rented to them in (i.e. clean), and if not, then take what it costs to hire someone to clean it out of the security.

GL!

jebuell

Fellow San Diegan here.  Here's what I have paid:

Clairemont in a large apartment complex: 1st months rent and $400 deposit.

House in Vista: 1st months rent plus deposit that is equal to the cost of rent.  Btw, I never got that back.  I moved out and three days later my roommate's burned the house down.  Super.

House in El Cajon: 1st months rent plus deposit that is equal to the rent.  I did eventually get that back.

Condo in Chula Vista: OK, we now live in my MIL's condo so we don't rent/pay deposit.  We send her some money every month to help out with the mortgage.  But we DO rent out rooms.  We ask for 1st months rent and a deposit that is equal to the rent.  So $500 rent, $500 deposit.

I would ask for first months rent and then a deposit that is equal to the rent.  I cannot tell you how many time I've had roommates/tenants move out without warning without paying last months rent.  Having a deposit equal to the rent helps cover that cost a bit assuming they haven't completely destroyed the place.  But I'd never be able to do the last/first/deposit thing.  No one ever has that kind of money.

Poonico

iluvmadbiker:

Anyway my experience was paying first month plus a security deposit equivalent to one month's rent (which must be kept in an intrest-accruing account and returned to the renter upon vacating the apartment).  So, it would be a total of $3600.

This is pretty standard from what I've seen.

I've also seen people split the deposit up into the first two months of rent to help ease the cost a bit.