Security Deposit Amount - Landlord Forum thread 356244

Security Deposit Amount by Sunny (Fl) on February 21, 2018 @18:50

There's no limit amount on how much security deposit in my area by the county. However, many listings ask for first month rent, security deposit equal to 1 month rent, and last month rent. What would be a reasonable amount for security deposit without asking for last month rent? I understand normally landlords only ask for 1 month worth in security deposit. But damages combined with additional rent may exceed 1 month worth of rent. My rent is $1275 and security deposit of $2000.

[ Reply ] [ Return to forum ]

Re: Security Deposit Amount by Anonymous on February 21, 2018 @19:31	[ Reply ]

You can definitely ask for more SD if it's permitted under your state law. The only thing you risk is turning away tenants who think it's excessive, which it is. Stick to 1x rent.

Re: Security Deposit Amount by Garry (Iowa) on February 21, 2018 @20:21	[ Reply ]

I agree with the anon. You can "ask" for up to whatever your state law allows. But how many prospective ( good ) tenants are you going to turn away, simply because they don't have a huge amount of money up front to get them into a place? I get a deposit equal to 1 month rent, plus 25% more if they have a SMALL pet. The 1st months rent is due the day they want to move in. I do not collect last months rent up front at all. But then again, if you know your market, the $2,000 SD may not be out of line, as long as you don't try to get last months rent up front, also

Re: Security Deposit Amount by P-Bone (NY and OH) on February 22, 2018 @12:00	[ Reply ]

You need to research the type of security deposit your market will tolerate and go from there.

Re: Security Deposit Amount by Stephen (Washington (WA)) on February 22, 2018 @12:55	[ Reply ]

I'm a little confused as to why you might believe that a larger deposit is needed if you aren't collecting last month's rent at the same time. Example 1 - rent is $1000. You collect first, last, and deposit = 1 month. Tenant moves out having used the last month's rent for the last month. You have $1000 to apply to any damages. Example 2 - rent is $1000. You collect first month and deposit = 1 month. Tenant moves out having paid every month's rent. You have $1000 to apply to any damages. I don't see what need there is to have a larger deposit. What am I missing here?

Re: Security Deposit Amount by Anonymous on February 23, 2018 @12:27	[ Reply ]

I ask for first and security 2x the rent. I don't label it as the last month's rent~~many tenants will be short on the rent and tell me to take it out of their last months rent. I charge a $250 pet fee plus 25% more for rent. That's the practice at the apartment complexes in my area.

Re: Security Deposit Amount