How Much Deposit On Rentals?
I have a house that I am going to rent out. The rent is 1800 mo. I have asked the tenants for
first mo-last mo-and 1K security deposit. Am I out of line here? The tenent is claiming he has never heard of this extra 1K deposit before. I suspect he is trying to negotiate his terms. What is standard out there all you landlords?
Thanks
Dave
I had one a few days ago that had never heard of renters mowing thier own grass. I just said, "really? that's interesting, if you live here you will mow, and weed too".
What is standard will vary by location. I get first months rent and matching deposit. I have often heard it recomended to get first, last and matching deposit, but people here would probably have a hard time coming up with that much up front. The deposit is absolutely necessary, and yours is too low in my opinion, maybe the 2 months rent up front could be negotiated, but not the security deposit.
Check with others locally and see what is typical for your area.
I agree that your sec deposit is too low. For an 1800 a month rental, I would have a hard time finding someone that would put up first, last and a security deposit. I would at least ask for a deposit equal to the monthly rent