Prospective tenant keeps asking to split the deposit

12 Replies

The house will be available on the 15th. I asked for 1000 security and 825 rent. Deposit in full and prorated rent for June.

He asked first if he could put 500 down on the 15th and the rest on the 1st. I said I no. The entire deposit and rent paid before any keys given. Then the regular rental amount starting July 1st.

Does anyone here split the deposit? how has it worked out?

I just feel if they are serious they will have the money and it is kinda starting things off on the wrong foot if the prospective tenant is asking for concessions.

I do have other prospects in the pipeline, but its just the fact he has asked this twice and Ive given him the same answer. He also has a house to sell and I understand that, but the deposit must be paid in full.

Just venting a little, thanks.

In the past I sometimes found myself with hard to rent property usually in lower income areas.  I did accept low deposits, split deposits, etc.  My experience was not very good, but over all better than having no tenant.  Requires a more thorough evaluation of the potential tenant.

Next Please !  Tenant has already begun to "Negotiate" with you.  This is just the beginning of a constant "Negotiation Process".   Negotiate deposit now; negotiate rents in the future.  This person is already a problem from the start. 

Move on!

Nancy Neville

Accept a split deposit? Absolutely not! You want to have a tenan that at least has the financial wherewithal to come up with a full months rent plus the security deposit. If they don't have the financial acumen to accomplish that, that's a good indication that they don't have the financial acumen to manage rent payment on time, every month.

Don't do it! I can only imagine what they will do when they have the apartment under their control. My thoughts are if they cannot afford to deposit and the first and last months rent in full they are not good candidates at all. Do not compromise on money ever it puts you in a weaker position.

Don't do it. I have tenants in low income areas and most get their security deposit from social services or their church. A few have asked about splitting the security deposit, but the answer is always a firm "no". They'll find a way to get it. If they can't borrow from their friends, they can't borrow from you.

I would not do it.  The only time I've done anything with a deposit is on an inherited tenant where there was no deposit.  Have one right now paying $100 each month until the deposit amount is paid, on top of the normal rent.  But for a new tenant, no.  They don't have the money now -- imagine what the future will be like!

Thank you all for the advice! It really helps me find and stay in a good direction!

Now he wants to bring by the deposit and rent this week.

 We have another showing tomorrow. I am going to let him know that we are still accepting applications and that when we decide we will let him know

So far he is the most promising prospect, he is a school employee that is transferring to town. He has seen the house twice and really liked it. And the only ones so far who have submitted an application.

Just repeating what everyone else has said but I would not accept anything but in full deposit and first months rent. Did you confirm their income vs rent amount? 

Does it appear like it will be a struggle for them if they were to move in?

I agree with the others above. We did this once and it was a struggle about every other month to get rent on time. They ended up blowing through their security deposit anyway. I probably should have asked for another 400 or $500 more!