Double deposit vs pre-paid rent if rental qualifications are not met

[Mike Oconnell]

If a rental applicant falls a little short of our qualification standard of 3x income or favorable credit, we sometimes offer an option for the tenant to pay a double security deposit or pay 2 or 3 month's rent in advance.

I would love to hear if other landlords or property managers offer this option, and if so, do you think it is more beneficial for the landlord to accept a double deposit, or rent paid in advance?

Thanks very much!

Mike

[Account Closed]

If we have an applicant that falls a little bit short, but we think they'll make a good tenant we prefer to take additional deposit.

When you take additional prepaid rent that gets used up during their tendency while the additional deposit stays until they move out.

Often times when the tenants pay the additional deposit you want to make sure they get that money back when they leave and them more incentive to leave the property in good condition.

Kevin