Do your applicants have trouble coming up with the move in monies?
I'm asking $995 first month's rent, + $795 security deposit, so total about $1800 to move in. I don't know if most tenants have this much cash available at once, and if I'm being reasonable (I did already make the deposit a bit less than the rent as an enticement, since I'm also charging an app fee for screening costs).
The reason I'm asking is I just received a call from an interested party, but when I told her I charge $40 per adult for app fee she hung up on me. :roll:
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I require all money be paid up front. No spreading it over time; that is just inviting them to disappear owing money, and leaving possible damage in excess of anything you have collected to date.
Look at it this way. They know how much rent they are willing to pay, and it is customary to get (at least) one month for security deposit. So that means to go looking for a new place, they know ahead of their search that they will need that much money to get in. If they are looking but unable to pay the customary amount, what does that tell you?