Do you ask for 1st and Last or just deposit?

[Kel S]

Looking in our local newspaper at the house rental ads I notice most say the rent amount + deposit. Do any of you require first, last AND deposit. Or just first months rent + deposit? I was telling my husband that asking first, last, plus a deposit may shrink the potential renter pool considerably because of the cost they would need to have up front. He feels that having that last months rent would be better. That way if a tenant moved out without any notice we'd at least have their last months rent. What do you all think?

[Mike V.]

Here is my limited experience, I have two SFR one for $850 and one for $1450 that I require 1st, last, security, and pet deposit up front. That definitely knocks a number of prospects out but I have found that those that have that much cash up front tend to be a little more financially secure. So far it hasn't hurt me on vacancies (I have only had 3 days of vacancy in the last couple of years) but I keep both homes in perfect condition, priced competitively and both have been recently rehabbed. When the market picks back up I'm guessing this will be harder and harder to do since those with that much cash will probably be buying not renting but for now it is working for me.