New Landlord-Tenant Bill May Force Missouri Landlords To Use PM

[Ryan Billingsley]

It is looking like this bill is going to pass in MO.  It states : 

All security deposits shall be held in a trust established by the landlord and deposited in a bank, credit union, or depository institution account in the name of the trustee.

As a landlord I am not happy about this.  It means I will have to  create a trust to hold the security deposits in.  I don't see the point in this.

What do you guys think of this new bill? Below is a link to the article I found discussing it.

http://stlouisrealestatenews.com/st-louis-rental-property/new-landlord-tenant-bill-make-force-missouri-landlords-use-property-managers/?Facebook

[Anthony Gayden]

@Ryan Billingsley

The way that is described is absolutely idiotic. Creating a trust for a tenant to hold a security deposit is absolute overkill. 

I have heard of east coast cities doing crazy stuff with security deposits similar to this, and the result was that small landlords stopped taking security deposits all together and instead collect first and last months rent at signing, plus charge higher rents to cover cleaning and maintenance.