Should I collect first,last, and security depoait

Question

Having a discussion with my fiancé about should we be collecting first months rent and last months and a security deposit? Or just first months and a deposit? Thank you

Daryl Luc · Answer

Check your state law.  If your state only allows first + security, then the 'extra' creates an accounting issue that may not be worth the trouble.

Brandy Carter · Answer

Thank you all for your expertise

Brian Ellis · Answer

I’m MA it’s pretty standard to collect first, last & security. I have started leases in the middle of the month and prorated, making it easier for them to move in. I have also removed last months rent all together if they are highly qualified tenants.

Russ B. · Answer

So many other places only require first and security, that the tenants who have other options might look elsewhere... leaving you with the ones that don't have other options.

I think it's better to price competitively for the market (both long term and upfront), so you have your pick of the ones with better credit / more solid work history / etc.

JD Martin · Answer

Depends on how easy it is to do an eviction. We leave the option open to collect first/last with the deposit but for the vast majority of our renters we do first and deposit only these days. One less bit of record keeping I have to keep up with. If you think you might have to evict at some point you would want last, but if you think that why rent to them in the first place?