Re: LPA Rent Application-Deposit to Secure Premises

Re: LPA Rent Application-Deposit to Secure Premises by Garry on February 27, 2017 @17:45

You do need to read and understand the LL/T laws of Conn. Look over to the right of your screen, and look for LL/T laws. Click on it, and scroll till you find Conn. and go from there. In general, most states have a maximum a LL can charge for a security deposit, which is usually equal to 2 months of whatever your rent is for that property. I think most LLs charge a dep. equal to 1 months rent. However, that's just an industry standard, nothing written in stone except maximums by each state. A tenant's background can also affect what a LL charges a particular T. As with many loans out there to the general public, the riskier a person is, the higher interest or larger down payment they may have to pay. That works the same way with deposit money. The way I run my rental business, is : I take apps and run them. When I settle on someone, I call them and tell them they have 24-48 hours to get the deposit to me, in cash or money order only, NO CHECKS. Then I meet them and we sign a lease and I take their deposit at that time. The actual rent is not due til the date they want to move in, which could be 1-4 weeks away. The T does not get keys til the deposit and rent is paid, and the utilities are in the Ts name. (I have all single family homes, where the T pays all the utils)

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