huge deposit, is it normal???

Question

i recently checked out a place moving in was going to be 4800 but no elevator, my realtor told me he has something cheaper with elevator but the move in cost in higher (7200). is this reasonable and why do you think it cost so much more???

Jay Hinrichs · Answer

in our area ( Oregon) with rent control and very tough landlord laws.. I have seen landlords simply take their units off the market and choose to sell to owner occ which can be done in a heart beat in this market.  So rent control and all the affordability housing issues that are raised by the politicos is having the exact opposite effect.. one less inventory  and two landlords are going to be doubly concerned about who they rent to and maybe asking for sky HI deposits will be one thing as well..  going to be interesting.

Jay Hinrichs · Answer

Just make sure you read the lease and understand that your deposit is fully refundable as long as you pay on time and leave the unit as clean as when you moved in although I think your allowed a little normal wear and tear etc..

Dale Dudley · Answer

Will do! Thanks! You guys are the best!!!!!

John Underwood · Answer

Read the lease carefully so you know what your paying for.

Ask the landlord what the move in money is going to and why it is so high. It should be explained to your satisfaction or find another property to lease.

Dale Dudley · Answer

Ok cool. I don’t mind paying, just don’t want to get overcharged for no reason

Jay Hinrichs · Answer

did they brake it down for you  but simple math would be  first last   so if its 1200   that would be 2400.00 for first and last

7200 - 2400 = 4,800.00 security deposit..  I dont know the laws of your area and I am not sure if security deposits are limit in amount.

But maybe they can ask for whatever they want.. and its your choice ??   credit score might be a factor

Dale Dudley · Answer

The rent will be between 1200 and 1300, dies it sound reasonable to you?

Dale Dudley · Answer

This will be my first apartment, no rental history, credit is 622 and yeah i figured because people don’t have money for rent now maybe the realtors are tying to get as much as they can because business is slow, is this worth it in your opinion.

John Underwood · Answer

Do you have good credit and good background check?

Might be due to Covid.

huge deposit, is it normal???

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