not sure how much of a deposit to ask for on a rental property

[Rolando Frias]

We are in the process of putting our sfh up for rent and are stuck on what payments to ask for upfront. In the past we already had a tenant tell us to keep the deposit as the last month rent and then left us a mess and some repairs that were above normal wear and tear. We are considering asking for the first month and a security deposit that is $500 over the monthly rent amount. What is common practice in the dfw area.

Thanks in advance

[Bruce Lynn]

In Dallas it is pretty common for one month's rent.  Not sure if it actually works or not, but a long time ago in a networking group someone told me to make the deposit just a little less than one month's rent, like $50 or $100 less.  Supposedly that helps prevents tenants from trying what your tenant did and I've done that ever since for me and my clients.  Never had that problem.  Maybe they're not smart enough to tell you they'll pay the $50 or $100 and keep the rest as the last month's rent.  Maybe they don't want to be late or incur late charges if they try to get smart.  NEVER accept the deposit as the last month's rent....then as you stated you have no deposit for whatever they mess up, don't clean, or whatever other deductions you need.

Of course this is for good tenants....ones that have more challenges you might collect double deposit.

There are plenty of other "great" ideas we put in the leases....like having them start and end at 12noon vs midnight, so you're not chasing keys around at midnight....getting them at 12noon might allow you to clean property and get it rerented the next day.