Posted by Rich-CA on July 19, 2008 at 19:26:23:
In Reply to: Standard rental move in costs posted by LeonNC on July 19, 2008 at 18:07:13:
You want the first month's rent and as large a security deposit as the market will allow. There are legal reasons for this. Rent money, whether first, last or middle - this is used ONLY for rent. Security is used for damaged, unpaid late fees, fines, and rent if they skip out before the lease is over. Deposit money is much more flexible from the landlord's point of view than rent money. In fact, my lease specifically says that the deposit is security against returning the property in the condition rented and cannot be used for rent. So on the last month if they try to leave without paying rent, I send them the 3 day notice and start racking up late fees. Because if they run down the deposit before moving out and you get back in to find the place a mess, you have to file a lawsuit to get paid and often they have nothing to pay with, so you are stuck.
Additionally - always make sure the deposit and first month's funds are cash, cashier's check or money order. Some people get in and then their checks bounce and you really have nothing.
Oh, and the more money they require to move in, the less likely they are to cause problems. There is something about people who can save money for something like moving and their behavior later.
One last thing. I'm really random today. The rent price will attract certain kinds of people. A $1000 tenant will treat you and your place better than an $800 tenant. And you will NOT be getting any $1000 tenants looking at you $800 rentals. People shop in price bands and tend to discard anything falling outside those bands. So if you have an $800 property in a $1000 neighborhood, you will still get $800 tenants. The $800 tenants are going to be a LOT harder on you and your property than $1000 tenants would be.
- Re: You do NOT want the last month's rent brandoncbsre 05:37:10 07/20/08 (1)
- Re: You do NOT want the last month's rent Natalie-VA 08:49:35 07/22/08 (0)
- Re: You do NOT want the last month's rent LeonNC 22:49:53 07/19/08 (2)
- Thanks, learned the hard way Rich-CA 08:21:56 07/20/08 (1)
- Re: Thanks, learned the hard way LeonNC 14:45:14 07/21/08 (0)