What should I charge for a Security Deposit?

[Erica Cauley]

The completion of my first rehab is 3 weeks away. I have my rent set but I am still unsure of how much I should charge for a Security Deposit. I have seen different takes on this. First and last months rent. First and last months rent plus a security deposit. A security deposit the same amount as the rent. A Security Deposit $25-$50 over the rent amount. $500 flat Security Deposit. What should I be collecting from a new tenant and why do you think this. I would really appreciate the assistance and clarity. Thank you!!

[Steve Vaughan]

Ours in normal times with a well-qualified applicant is close (but never equal) to 1 month's rent.  Rents are around $1100 for apts, $1600 for houses.  I'd lean towards 1.5 months worth if rents were $800 or below 

A security deposit equal to rent will be seen as a last month no matter what the lease says.  Make it different.