NBR - Rent deposits

Zista · April 2011

So I've been out of the rental market for a long time. What is normal to ask up front in renting out a house? Is first month + last month + security deposit too much to ask?

dawnies79 · April 2011

How much is the security deposit? I've noticed with some landlords it depends on credit. With decent credit they ask for last month and security deposit (that can sometimes be with a heavy security deposit). For maybe not so good credit it is first, last, and security. Have you looked at CL? Maybe check out some rental ads in the area and see what they are requesting.

MrsH_08 · April 2011

I've been renting out here for 8 yrs, in several different places (apartment complex, duplex and rental condos). I've found what's normal is first month + deposit. I don't think I've ever had to do first, last and deposit. Deposits seem to be around $800-1500, for the 1, 2 or 3-bedroom places that I've rented.

MrsH_08 · April 2011

dawnies79:
How much is the security deposit? I've noticed with some landlords it depends on credit. With decent credit they ask for last month and security deposit (that can sometimes be with a heavy security deposit). For maybe not so good credit it is first, last, and security. Have you looked at CL? Maybe check out some rental ads in the area and see what they are requesting.

This is true about depending on credit. I didn't think of that. I've always had landlords check my credit (at my cost of $35/person or $50/couple). So, the deposit situation may have been contingent on credit check results. Good point.

Maddimom · April 2011

When we were renting a house we paid 1st, last, deposit (same as 1 months rent) and a pet deposit. I think it was a little overboard but we really wanted to rent the house. When we moved out we got back the deposit and the pet deposit

dawnies79 · April 2011

Maddimom:
When we were renting a house we paid 1st, last, deposit (same as 1 months rent) and a pet deposit. I think it was a little overboard but we really wanted to rent the house. When we moved out we got back the deposit and the pet deposit

This is us too at the house we currently rent, and it was close to $4,000. Our landlords are first time landlords and I think it was overboard because they are new to it (we have good credit so that wasn't a factor). It felt like a lot of money but we were willing because we really wanted the house as it is so close to my work. I would guess many people (especially in this economy) may have a hard time coming up with that much all at once.

zazzu · April 2011

I think it would be a stretch for most people come up with that much up front. That said, I think it depends a lot on the person renting.

Zista · April 2011

Thanks all,

It does seem like a lot to ask. That said, if it were just first month/last month and someone skipped out on the lease, it would take at least a month to find a new renter (thus consuming last month)... and if they did damage to the house on top of that, it would come out of my pocket, KWIM?

Zista · April 2011

Oh, and the rent is $1400, and we were thinking $500 for security deposit and $200 for pets... so that would be $3300-$3500 to move in. They'd get the $500/$200 back if no damage to the house.

arikaleeanne · April 2011

We asked our tenants to pay 1st month rent and a security deposit our rent for out tenants is 1375 so we figured if they had to pay almost 2800 for first and last plus 700 for a damamge deposit that is alot of money to pay up front. So that is why we just did 1st months rent and security deposit. When we rented we often had to do 1st month and last month rent plus a deposit and it seemed like so much up front,so that is why we did not want to do that to our tenants especially in this economy.

MrsH_08 · April 2011

Another thing I've done and you could consider offering your new tenant, if you want to ask first, last and deposit, is to split up the payments. I've had landlords offer to let me split the upfront costs into 2 or 3 monthly payments. That might make it a little easier for a tenant to manage.

Mrs.Kiltlifter · April 2011

Maddimom:
When we were renting a house we paid 1st, last, deposit (same as 1 months rent) and a pet deposit. )

This is what we ask for on our rentals. Honestly we do it to keep the rif raf out. And we do a credit and reference screening on each potential renter.

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