Collect Move-in Fee, No Sec Deposit Correct?

[Ellis Dudley]

Hey! quick question for ya. Is it ok for landlords to take a movie-in fee instead of a sec deposit? Have one client who applied this and is under the impression they dont have to collect sec deposit, only move in fee which is non- refundable toward the end of the lease. Is this ok?

[Hans Suljic]

Hi @Ellis Dudley

Yes! Many people in my market have turned to non-refundable move-in fees instead of security deposits. From what I've seen they usually charge around half a month's rent. Personally, I don't do it because I feel it take away the incentive for the tenant to take care of the unit but it's definitely a good way to get people in. Good luck!