Updated over 8 years ago on . Most recent reply
Security Deposits vs. Move-In Fees
Which are you using and why? The Chicago Association of Realtors is recommending landlords move away from deposits due to their punitive nature. Tenant can sue for 3X and usually win here. 1 months' rent is a pretty standard deposit, but what do your fees look like? I'm seeing them at about 1/3 of rent.
And then there's the angle that now you have no leverage over the tenant. What’s stopping them from trashing the place?