What money amount do you require tenants to put down at move in?

General Landlording & Rental Properties
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What money amount do you require tenants to put down at move in?

Thomas Swindell
Investor · Orlando, FL · Member since 2013 · 47 posts · 14 votes
What requirements do you guys have for when the tenant moves in for the money to put down? For example do you request first months rent, last months rent, and a security deposit? What is the security deposit usually equal to, the equivalent of a full months rent or half months rent?
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  • Jeff Robert
    Real Estate Agent · Grand Rapids, MI · Member since 2016 · 127 posts · 56 votes
    10y

    I always did 1.5 months security.

    0Reply
  • Thomas Swindell
    OP
    Investor · Orlando, FL · Member since 2013 · 47 posts · 14 votes
    10y
    Jeff, so you don't collect last months rent in addition to the security deposit, correct?
    0Reply
  • Andy WebbPro Member
    Rental Property Investor · Carrollton, TX · Member since 2013 · 750 posts · 538 votes
    10y

    We require one full month's rent and a security deposit, which we set as rent + $50.  We like the security deposit to differ from rent, to keep clear that it is NOT last month's rent or to be applied as rent in any way.  If the applicants' credit or other background issues are in question, we may double or triple the security deposit.

    We do not request last month's rent.  Not sure if that is allowed or not in Texas, but I don't think it is necessary since I can lever the security deposit if I need to (e.g. increase it at the start).

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  • Andy WebbPro Member
    Rental Property Investor · Carrollton, TX · Member since 2013 · 750 posts · 538 votes
    10y

    I should add:  any non-refundable pet fees are payable at that time as well.  Right now we do $350 per dog (no cats).

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  • Dana Dunford
    San Francisco, CA · Member since 2016 · 238 posts · 204 votes
    10y

    @Thomas Swindell - First month's rent + security deposit. 

    Please note that each state has their own regulations as to how much the security deposit can be. For example, CA limits 2x monthly rent or 3x monthly rent (for furnished rentals).

    0Reply
  • Thomas Swindell
    OP
    Investor · Orlando, FL · Member since 2013 · 47 posts · 14 votes
    10y

    Thanks for pointing that out Dana. I'll do some research and see what Florida allows.

    0Reply
  • Douglas Snook
    Attorney · Attleboro, MA · Member since 2015 · 412 posts · 165 votes
    10y

    In MA you can only collect first month's rent, last months rent security deposit (which can not be more then a month's rent amount) and $25 (I think thats the amount by statute) key/lock deposit. The rules are tricky on holding the security and last months rent that many landlord's only collect a security deposit.

    If there are any concerns/questions about the tenant I would collect everything allowable by law

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  • Jim Adrian
    Architect · Papillion, NE · Member since 2015 · 1k+ posts · 840 votes
    10y

    First check your local state laws for Landlord and Tenant Laws.  They vary from state to state.  I collect security deposit  which can't exceed the rent value. First months rent and any pro-rated rent.  Pet deposit is 1/4 of rent per my state law.

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  • Fred Dray
    Professional · Glendale, CA · Member since 2013 · 105 posts · 47 votes
    10y

    First month rent + security deposit which is equal to one month rent + $15 per key and $25 per remote for deposit. 

    Also, we asked for $400 hold deposit with applications which is applied to security depost at move in.  Thus, at move in they would pay $2100 - $400 or $1700 for security deposit.

    Lease also states that security deposit is for cleaning and damages only, not last month rent.

    0Reply
  • Raimel Diaz
    Buy and hold Investor · Winter Garden, FL · Member since 2015 · 38 posts · 13 votes
    10y

    I use to require First and Last month. But learning my lesson on how some tenant don't take care of the property, I now ask for first, last and securty (which is usually half a month rent).

    0Reply
  • Angelina LazoStefanini
    wyndmoor, PA · Member since 2016 · 7 posts · 0 votes
    10y

    Hi, i always get last month and one month in security deposit, plus a security deposit for each pet.  Hope this helps.  This has worked successfully for me so far.  Angelina.

    0Reply
  • Thomas Swindell
    OP
    Investor · Orlando, FL · Member since 2013 · 47 posts · 14 votes
    10y

    Thanks again to everyone that responded! This helps a lot.

    0Reply
  • Elizabeth Colegrove
    Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes
    10y

    Security deposit at lease signing, prorate rent at key exchange and one months pet deposit if they have pets and don't want to do pet rent.

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  • Michael Noto
    Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes
    10y

    At minimum we require 1 months security and the first months rent for the tenants to move in. 

    In situations where the credit is a little lower than we'd like but the income is good we usually ask for 2 months security and if the tenant really wants the apartment they usually pay it. 

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  • Rick BassettBusiness Member
    Property Manager · Greater New Haven, CT · Member since 2010 · 377 posts · 434 votes
    10y
    Originally posted by @Michael Noto:

    At minimum we require 1 months security and the first months rent for the tenants to move in. 

    In situations where the credit is a little lower than we'd like but the income is good we usually ask for 2 months security and if the tenant really wants the apartment they usually pay it. 

     We do what Michael does but there is also an age restriction that limits the security deposit to 1x rent in Connecticut for persons 62 and over.

    Rick

    475-900-3100
    Bassett Property Management5107 Reviews
    WebsiteView Page
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  • Michael Noto
    Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes
    10y

    @Rick Bassett good point 

    0Reply
  • Max T.
    Investor · Philadelphia, PA · Member since 2015 · 3k+ posts · 3k+ votes
    10y

    1st month rent + last month rent + security deposit (equal to 1 month rent).

    The security deposit takes the apartment off the market. The first and last month's rents are paid at lease signing and before keys are given.

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  • Adam BartomeoBusiness Member
    Real Estate Broker · Cape Coral, FL · Member since 2015 · 2k+ posts · 1k+ votes
    10y

    We get 1st, last, and a security that is equal to a months rent. We also charge a pet fee of $100 per pet.

    [email protected]239-339-3969
    Bartomeo Property Management4.7143 Reviews
    WebsiteView Page
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  • Wilson Lee
    Birmingham, AL · Member since 2014 · 178 posts · 75 votes
    8y

    We charge a $50 application fee at application for high demand units.  We wave this if there is less demand.  

    To secure the unit we charge deposit equal to 1 months rent plus a cleaning fee of $150 (no refund).  

    At move in (keys) we charge prorated rent.  We also charge next months rent if prorated for less than 15 days. 

    If we do any move in discount it is applied to the 2nd instance of rent payment to insure financial fortitude of the applicant.

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