1st & last month rent plus security deposit. too much to ask for?

Question

I have 1 rental and normally ask for first month rent ($830) plus a deposit ($500).

seems like renters just move out after the lease is over and treat the deposit as part of their last months rent.... so i end up with actually no deposit so no leverage for excessive wear/damages.

I bought another SFR. I would like to ask for first and last months ( $700 +$700) rent plus a deposit ( $500 or so). is that too much to ask, thats nearly $2k upfront?  what do landlords typically ask for?

my rentals are middle to lower working class but decent areas so i wouldnt think they could come up with that much money but..... if its the norm....?

Account Closed · Answer

Actually it depends on your State Law.  In Michigan we are allowed to charge one month and a half for a Security Deposit, plus one months rent.

Some states, only allow you to charge first and last months rent.  Check with your State Law regarding your Landlord/Tenant Laws, and also read your City Ordinances!!!!

Nancy Neville

Jeff S. · Answer

In my market first, last and a months rent as security is possible. I will sometimes allow them to pay the last mo over 10 months but want the last mo paid before lease is up. There have been times when this is not possible but my last ad had over 100 responses with a couple of people willing to pay a non-refundable security sight unseen.

Jon Holdman · Answer

Here it would be difficult to get first, last, and deposit.

If the tenant wants to move out I remind them the deposit is NOT the last months rent and the rent is expected on the first of the last month just as normal.  If I don't get it, I go through the same eviction procedure as any other month.  I've not had to follow through on that.

I also make my deposits less than one months rent to try to avoid any confusion.

Richard C. · Answer

As others said, it depends on both your market and your state laws.

Here, I can charge first month and other fees and deposits totaling not more than one month's rent.

Colleen F. · Answer

We charge one month security which is the state limit and first months rent. It does not seem you are even doing  that so I would increase my deposit if I was you.  I would not go to two months here as it is not typical in our market.

Jassem A. · Answer

if they have any judgments or you can't confirm good rental history then I'd definitely ask for it.

I've had tenants pay double deposit, first and last month before I would rent to them because of judgments.

Tim Bishop · Answer

The answer to that would be entirely up to your local market.  If 50% of the equivalent rentals nearby are asking for similar terms, then it might be a good idea.

If your deposit is higher than most of your competition then I would expect a longer vacancy period.

1st & last month rent plus security deposit. too much to ask for?

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