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Updated over 5 years ago on . Most recent reply

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Travis L.
  • Rental Property Investor
  • Kent Island, MD
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How should I structure a new lease agreement during curent crisis

Travis L.
  • Rental Property Investor
  • Kent Island, MD
Posted

Hello BP community

I currently have a townhouse i am ready to put on the market for rent and am wondering how i should structure the lease to protect myself during this crisis.  I am considering only doing a 6 month lease with a double security deposit due plus first months rent.  Is that crazy or illegal? I just want to protect myself in case i get a renter in there that I cannot evict.  How are others structuring new leases during this crisis?

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Bob Okenwa
  • Real Estate Agent/Investor
  • Peoria, AZ
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Bob Okenwa
  • Real Estate Agent/Investor
  • Peoria, AZ
Replied

@Travis L.

Check your local landlord/tenant laws regarding the maximum security deposit. For instance here in Phoenix, the max security deposit is 1.5 times the rent, but a tenant can voluntarily pay more.

Secondly, you have to see things from a renters' eyes. Not sure what your area rents for, but how many people are going to have the money to put down 3 months of rent upfront and are willing to do so for a six month lease?

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