Saturday, July 10, 2010

Home Rental Question - Security / First Month, etc.?

What is the standard on what renters usually pay when they are starting on a new lease agreement? First month, last month, security? or just First month / security? How much is the security deposit usually (same as rent or a portion of?). I guess my question is - what is the expectation on how much renters pay to get into a home (not specific amounts, but the type of payments - first / last / security /app fee/ pet, etc)Home Rental Question - Security / First Month, etc.?
It varies. But it's often first month, last month, and security deposit.





Security deposit is often the same amount of rent.





There's almost always an application fee--often in the range of $25-$35.





If you have a pet, there may be a pet deposit, or you may be asked to pay a slightly higher rent. For instance, pet deposit might be $200, or your rent might be increased by $25.Home Rental Question - Security / First Month, etc.?
It is going to vary on a landlord by landlord basis. My state (CA) does not allow me to collect last months rent.





I personally do not charge a pet deposit, because I have convictions about children and pets. I stand by my principles.





The amount of a security deposit is usually governed by law. In my state I can charge 2 months rent. I do not, only 1, because rents tend to be high here.
I have always had to pay first months rent and sec. deposit (it has always been the same amount as a months rent). One landlord required us to pay 1/2 month of rent as a pet deposit for our dog.

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