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First month,Last Month & Security Deposit. - Landlord Forum thread 326316

First month,Last Month & Security Deposit. by Tati (Massachusset) on October 25, 2014 @16:50

                              
Can Landlordask for First,last month and security deposit when a tenant at will rent or this apply to leasing only? or both??
I as landlord only ask For First Month and security deposit.

The last month rent must be placed in an escrow account according to massachusset law and
I Would like to know if the last month rent can be used by tenant ? or is it used as another deposit and then return it when tenant vacate apt?

What would happens if tenant want use the last month and then stay and the last month is not longer in reserve?

Your advise is well appreciated. Please advise me.

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Re: First month,Last Month & Security Deposit. by Anonymous on October 25, 2014 @19:01 [ Reply ]
http://www.masslegalhelp.org/chapter-3-security-deposits
Re: First month,Last Month & Security Deposit. by judy twist (edelman chicago) on October 26, 2014 @10:36 [ Reply ]
based on your statement I would not rent to you
Re: First month,Last Month & Security Deposit. by walter (ct) on October 26, 2014 @17:38 [ Reply ]
Not sure if this will help since I an next door in CT, not Ma. I have only 1 sfh rental, I get 1st, last, and security. Last says just as the name implies, last months' rent is prepaid and tenant is expected to move out at the end of the last month. Last months' rent does not have to be escrowed here, I don't understand why it should escrowed in Ma. since last months rent is not held as a security for damage as a security deposit is. It is simply for the last months' rent, then tenant moves out.
Re: First month,Last Month & Security Deposit. by Anonymous (CA) on October 28, 2014 @19:48 [ Reply ]
You know, I am thinking about putting this in my next ads--coming up early to mid November. I manage two nice 4BR/2BA single-story for a fee but I get the same demographic applying each time, every two years. The applicants are not married, have two kids each, then they acquire a baby in the house after several months because one of the teenage girls gets knocked up. So there is more wear and tear on the property with all these people, and as I raise the rent $15-$25/month/year I start to get the money complaints about rent and the cost of water.
They (this demographic) never can easily come up with a deposit roughly equal to the rent. So, if I advertise (and intend to follow through) that first rent, last rent, and deposit are required, maybe I will see a higher income level of applicants.

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