Landlord Problem Solving

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Chris Duffy
  • Investor
  • Tampa, FL
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Lease renewal for existing tenant

Chris Duffy
  • Investor
  • Tampa, FL
Posted Jan 21 2022, 04:13

Newer landlord question - State: Florida - So I have a current tenant in place paying me $1425/mo. Her lease is up mid-march and I am increasing her rent to $1600/mo. which she is fine with. I'd like to draft up a new lease in the next week or so to sign but not sure how to go about collecting more security, if that's even possible. To hedge my risk, I'd like to sign the lease and collect more security but I'm already holding her security deposits from the current lease in place and don't want to ask for excessive deposits.. if I ask for another $1600 deposit I'll be holding almost $4500 of her money until March. If I have her sign a new lease with no new security deposit, I worry she could find something new before the lease restarts and terminate the lease and still be entitled to her security deposit from the previous lease. Should I just stipulate in the new lease that her previous security deposit will roll over and should she terminate the new lease after signing I'd be entitled to those deposits? Any advice on best course of action? Thank you! 

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