Rent

"HammerheadFistpunch" (hammerheadfistpunch) 06/24/2015 at 12:32 • Filed to: off topic, Halp

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Question. Whats a fair price to ask for a deposit? The rent is between 1350-1400/mo (haven’t settled on which yet). Asking a year lease. Also, first and last months rent up front?

(not my home)

Pixel > HammerheadFistpunch 06/24/2015 at 12:38

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Non-refundable deposit, $100-$200.

Refundable deposit, $500.

Asking for more than that which they don’t get back if they back out is just being mean. If they can’t come up with $500 for a refundable deposit they probably will have trouble coming up with first/last/security. Note I have only ever been on the renter side, not the landlord side.

Rico > HammerheadFistpunch 06/24/2015 at 12:38

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Security Deposit (which is given back at the end of the lease) should be the last month’s rent. If you are asking for first month and last month rent up front, security deposit can be $500. IMO Make the security deposit the last month’s rent unless you have so many people looking to rent the place that a $500 deposit to hold it would be necessary.

For Sweden > HammerheadFistpunch 06/24/2015 at 12:38

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I always thought the last month’s rent was the deposit.

Textured Soy Protein > HammerheadFistpunch 06/24/2015 at 12:38

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I figure one month’s rent is standard unless the property is in a high demand area and/or has unique features where the supply/demand ratio tilts in the favor of the landlord.

Alfalfa Romeo > HammerheadFistpunch 06/24/2015 at 12:40

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It’s generally fairly close to monthly rent, although I’ve noticed that in Utah it’s often lower. Similar properties may be asking 1000, but I don’t think 1300-1400 is out of the question.

Dukie - Jalopnik Emergency Management Asshole > HammerheadFistpunch 06/24/2015 at 12:41

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I’ve always seen it equal to a month’s rent. I’ve seen some landlords do First + Deposit others First, last, + deposit.

KusabiSensei - Captain of the Toronto Maple Leafs > HammerheadFistpunch 06/24/2015 at 12:45

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I would think that it would depend on who your renters are, and how expensive do you expect the damage remediation to be. I’d think for that level of rent, a security deposit of $500-750 would be expected. I’d ask that first month’s rent be paid prior to move in.

In comparison...

My parents rent out a furnished golf villa in SW Florida, and the rent is $5100/month (includes utilities and country club membership dues). Security deposit is $1000, refundable (however the interest for the month from the escrow account is retained by my parents). First month (if renting multiple months) to be paid in advance by 60 days prior to occupancy, otherwise, all monies to be paid 60 days in advance.

BigBlock440 > HammerheadFistpunch 06/24/2015 at 12:45

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Everywhere I’ve rented, or knowing people who rent, the security deposit is equal to one months rent. If the place is in good condition and clean, you usually get it back when you move out. Unless the owner(s) is a dick and trying to take advantage of college students.

My previous landlord also asked for first and last month rent, but knocked off my last month’s rent because I was fresh out of college, starting a job out of town, and didn’t have it. I took care of the place though, and even found him a new tenant when I moved out, so it worked out for him. In my state, month to month is much easier to evict somebody if you run into problems (miss a payment, etc.), kicking someone out on a year lease takes a few months, months that you don’t get paid for. My sister had tenants that destroyed the place, couldn’t kick them out because they were on a year lease, and the security deposit came nowhere close to covering it.

HammerheadFistpunch > Pixel 06/24/2015 at 12:45

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Im looking for both perspectives, so thank you.

HammerheadFistpunch > Rico 06/24/2015 at 12:46

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in this case, there is no non-refundable portion.

Grindintosecond > HammerheadFistpunch 06/24/2015 at 12:49

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I always rented places with a year lease, deposit up front which equalled a month rent and if i didn’t pay the last month rent, they kept the deposit. I understand now that people will just wreck the place and skip out on the last month rent so i suppose the deposit would be whatever to make up for that.

Rico > HammerheadFistpunch 06/24/2015 at 12:52

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I’m confused, so it is all refundable?

HammerheadFistpunch > Rico 06/24/2015 at 12:57

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By law in Utah, I have to refund any deposit I don’t spell out as being non-refundable or can show in writing as being necessary to repair any damages or make up for lost rent. I could make the entire amount non refundable, but then there is no built in cleaning fee. I suppose I could say last months rent plus a $250 cleaning fee up front...

What I was thinking was

“one month rent (not counted towards the rent), 200 non-refundable for cleaning. Cleaning fees above and beyond 200 will be deducted. Automatic 300 cleaning deduction for pets (not allowed by lease).” So they pay one month rent up front that doesn’t go towards the rent, but get back all but $200 unless they bring pets in (like a previous renter did) or there is additional damage or cleaning beyond that. The only trouble is I feel that incentiveses some loosers to skip out on the last months rent and just call it a day.

Rico > HammerheadFistpunch 06/24/2015 at 13:08

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Yeah do first, last + deposit/cleaning fee that is non-refundable.

TheRealBicycleBuck > HammerheadFistpunch 06/24/2015 at 13:10

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Good to see you are checking on the laws since they vary widely and most people, renters and landlords alike, don’t bother to look them up until there is a conflict. The fiddly bits include how the security deposit and last month’s rent are handled. I’ve seen some nasty fights over those bits.

A fair amount for deposit is a matter of opinion. One-third to one-half of one month’s rent seems pretty common in places I’ve rented. From a landlord’s perspective, you might want it higher since some renters walk away without paying the last month’s rent under the assumption that the deposit is to cover that. They never think about cleaning, repairs, etc.

JQJ213- Now With An Extra Cylinder! > HammerheadFistpunch 06/24/2015 at 13:16

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If non refundable, no more than 250 (and even thats kinda high)

If refundable usually its last months rent

HammerheadFistpunch > JQJ213- Now With An Extra Cylinder! 06/24/2015 at 13:17

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I’m thinking a combo. last months rent +200 cleaning fee. its usually around $200 to repaint and clean.

WiscoProud > HammerheadFistpunch 06/24/2015 at 13:34

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That's too much. Its probably indicative that the landlord either only wants well heeled tenants, or has been burned by tenants in the past, and will be a pain in the ass. I've rented many apartments through college and after, and never paid more than one month rent.

HammerheadFistpunch > WiscoProud 06/24/2015 at 13:44

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well, no I’m not asking for more than a months rent for deposit. Right now I’m leaning towards 850-1000 (not counted towards rent) with 200 being completely refundable.

M54B30 > HammerheadFistpunch 06/24/2015 at 13:57

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I’ve always paid one month’s rent as a deposit. They generally used it to pay for damages at move out and/or returned at the end.

My current house required no deposit, but they DID require an automatic allotment, my wife’s first sergeant and commanders name/phone numbers.

Pet deposits are different. some places ive rented it was a flat non-refundable fee (current house was $150/per dog) but is used to pay for damages upon move out, maximizing the amount of security deposit that was returned.

uofime-2 > HammerheadFistpunch 06/24/2015 at 14:22

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I’ve lived in three apartments in the last five years and for all three the deposit was one month’s rent.

A lot of people seem attached to the idea that you don’t pay for your last month and that the deposit is for that, but that was not supposed to be the case at any of the places I rented and indeed you would be reported for not paying.

The expectation is that the place will be as clean when you leave as it was when you came otherwise you will be charged for cleaning out of the deposit.

WiscoProud > HammerheadFistpunch 06/24/2015 at 14:32

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I think i would stick with the tried and true one-month rent, fully refundable. Is there a reason you don't want it completely refundable? I've had past landlords take out a portion of my deposit for cleaning, but our last one we cleaned, and they didn't take anything. How much rent are you charging?

Tohru > HammerheadFistpunch 06/24/2015 at 14:55

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Around where I live it’s usually First, Last, and Refundable Security, which in total is equal to three month’s rent.

The Dummy Gummy > HammerheadFistpunch 06/24/2015 at 15:48

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Every place I’ve ever rented was 1.5x the monthly rent.

HammerheadFistpunch > The Dummy Gummy 06/24/2015 at 15:49

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fully refundable? Used as a months rent?

The Dummy Gummy > HammerheadFistpunch 06/24/2015 at 15:58

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Fully refundable and wasn’t used as months rent. It sat in an interest free escrow account and returned after home/rental inspection after I left. Hope that helps.

HammerheadFistpunch > The Dummy Gummy 06/24/2015 at 15:59

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yup, thanks.

Dr. Zoidberg - RIP Oppo > HammerheadFistpunch 06/24/2015 at 19:09

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Deposit: at least one month’s rent. Make 250 of that amount non-refundable. The rent sounds high enough where if someone is going to squirm over 250 dollars not being returned in 12 months, that’s sad.

If you’re allowing pets, an additional 100 per cat and 200 per dog (all refundable).