Question on Renting - Landlord Forum thread

Question on Renting by Mitch (PA) on July 17, 2012 @02:57

Hello,
I am a perspective tenant. What payment is usually req'd for renting an apartment (1st, last, sec...) and is it negotiable (can I ask paying first month, instead of 1st+last; or ask for a break in deposit?). Thank you!

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Re: Question on Renting by Anonymous on July 17, 2012 @05:02	[ Reply ]

The move-in cash required can be a deal breaker, and often depends on what you have in your savings account. I rent an apt in PA and ask for the 1st & last month rent, plus 2 months security deposit. Once you move in, that means I'd be holding 3 months worth of your rent in an escrow account. After 1 year (assuming a year lease) I am legally required to return 1 month of the security deposit to you at the end of a year. Thus leaving me holding only 1 month of security deposit plus your last month's rent. If a prospective tenant said he could not afford the move-in costs and wanted to negotiate for less, my mind (as a landlord) would fast-forward a year into the future. I'd ask myself, what's this guy going do to when he moves out and needs cash to pay his next landlord's move-in costs? Because he needs to pay the next landlord BEFORE he moves out, and because the security deposit refund from me wouldn't occur until AFTER he moves out, many won't pay their last months rent and tell the landlord to use the security deposit instead. So what would that leave me with to cover costs for possible damages (which is the purpose of the security deposit)? Nada! While the law says I can legally only hold 1 month of security deposit, it does allow me to hold onto other cash earmarked for DIFFERENT purposes. And that's where the last month's rent in advance comes in. It helps protect me from tenants like that. As far as negotiating move-in costs goes, I would never waive the last months rent in advance. In my case, I may waive the 2nd month security deposit, but only if the tenant was referred by someone I trusted who gave him a big thumbs up. The first year is when deadbeats usually take of their mask, the more security deposit the better to carry me though the time it takes to evict.

Re: Question on Renting by OK-LL on July 17, 2012 @08:27	[ Reply ]

My move-in charges vary according to the stability and financial security of the tenant, his references, his employment, etc. If I feel I am taking any kind of risk or the prospect doesn't fully meet all my criteria, I may increase the SD or require LMR, and you can bet I'm going to be at the rental inspecting the property on a regular basis -- like quarterly. If I'm dealing with a person who demonstrates all the qualities I'm looking for in a tenant, invites me in when I drop by his current place to deliver a form or whatever, then I may drop to the minimum SD and no LMR. I won't even consider someone who lies on the application, has been evicted, or has terrible credit.

Re: Question on Renting by Jannie (IL) on July 17, 2012 @08:38	[ Reply ]

I have SFH rather than apartments, but Require SD and 1st month rent. I charge extra (1/2 month rent)for deposit if they have a pet - I have in circumstances let the tenant pay that 2 weeks into the first month of occupancy. The SD is just that not to be put toward the last month rent, but if every looks good T gets this money back. I had an applicant hesitate about paying the rent/SD I didn't rent to them.

Re: Question on Renting by Jake on July 17, 2012 @09:20	[ Reply ]

Is it negotiable? Landlords always consider it a bad sign when the applicant does not have all the money or does not want to pay all the money. They will be viewed as problem tenants and the landlord will move on to other applicants.

Re: Question on Renting by Anna Mouse (CO) on July 17, 2012 @09:56	[ Reply ]

Trying to "negotiate" with your LL is a bad idea, I second this comment. Do you negotiate when you buy groceries? I also believe that anyone who tries to negotiate monies or terms with me is going to be a real PITA. When the negotiation started is when I would stop the process and hope to find a different tenant.

Re: Question on Renting by Shell on July 17, 2012 @10:02	[ Reply ]

Prospective....not perspective...I'm surprised how many people get his wrong...prospective ...as in prospect

Re: Question on Renting

Re: Question on Renting by A Tenant (CA) on July 17, 2012 @20:19	[ Reply ]

It really depends on the landlord. In my part of CA, those with stringent credit standards don't generally require the last month upfront, while those who don't usually do. Very generally speaking, property management companies and large complexes are stricter about credit scores while private landlords tend to require higher deposits.