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Additional Details
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Blue | How many months rent can a landlord reasonably demand as a security deposit? |
I am currently unemployed and have not held a job for the past 5 years (I was on disability) and I'm being asked by prospective landlords to supply upwards to a year's rent as a security deposit because I lack employment and have no credit history to speak of. Recently, I came into a large sum of money which I've placed in a Fidelity investment account and which I had thought was of a sufficient enough amount to allay any landlord's fear about my ability to pay rent each month. I have excellent refs from my prior landlord of 5 years, I have a clean financial record and have never been evicted. I'm 45 and intend to return to work. Can a landlord legally ask me to pay a years rent as a security deposit if I have 18 to 20 times the annual amount of rent in the bank? |
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vulcan1623
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Your state law may restrict how much a landlord can demand for security - however in my experience there is nothing that prevents the landlord and you from agreeing that you will pay the rent in advance for any period up to the entire term. In my state for example, I am limited to 2 month's rent for deposit - but a tenant can pay the entire rent due under the lease in a single payment.
While the landlord could take some comfort in the fact that you have adequate funds in your investment accounts, the lack of a credit history prevents the landlord from being able to see your habits with regard to meeting your obligations. I've seen people who made $50K+ a year, yet wouldn't pay a $100 cell phone bill. It is somewhat understandable then that the landlord's knowledge that you have the money doesn't necessarily lead him to assume that he'll get it.
You should clarify with the landlord whether he is asking for this large sum as security or advance rent. If security, my advice is to walk away from the deal. No one needs that much deposit regardless of the law.
If, on the other hand, it is advance rent - you may be able to negotiate a smaller amount, such as 3 or 6 months with an assurance that you are in the process of securing employment. You might also suggest a 6 month lease with a smaller (or no) advance payment as a way to demonstrate to the landlord that you are responsible and put him at ease - then follow on with another 6 or 12 month renewal lease. |
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TMLeaf Fan
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Generally, a landlord charges 1st and last, the last month's rent being the security deposit. |
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Franco
|
Whatever you put in the contract applies. Most landlords ask for one month's deposit and one month's rent in advance.
But if I was letting to, single people with poor credit history and who I thought might damage the property or make a run, I would ask for 2or 3 months in advance. |
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Arraya
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im not sure if they legally can ask you to pay that much.Usually they ask for 1st, last and a security dposit that is the same amount as a month's rent. Even if i had the money to pay a year's rent, i wouldnt because what if something breaks or there are plumbing or other problems and he doesnt fix them? then you have nothing to withhold, because the law says if a landlord doesnt fix something necessary you can withhold rent or have it fixed and taken out of the rent. if you have good refs from your last landlord and can prove you are able to pay the rent, that should be enough for him. if not find a different apt. |
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Linsy
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i always thought the first months rent doubled, If you have paid all your rent when you move out you should get your security deposit back. I dont think this is reasonable at all. Maybe they need proof that you have that much money in the bank, try showing them a bank statement, that could work. |
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joe m
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normal thing is first month - last month deposit
and they take a nother month or two for security
so i'd say 4moths would be resonable |
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wickdsinnr
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If you have no credit and no job, then yes, the landlord is certainly within his or her rights to ask you to pay the entire year's rent up front. There is no guarantee that you will pay the first month's rent and then spend everything in your savings account, then have no way to pay your rent. |
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bpl
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I use the reasonableness standard. Depending on the value and amenities of the place as well as other factors (previous rental history, age of occupants, pets etc) to determine the security deposit. They can ask for any amount, its whether or not someone will agree to it. |
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lec02
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many states have a legal limit of how much you can charge for a security deposit, don't listen to the people saying they can charge however much they want to. there are landlord tenant laws, and just because a landlord draws up a lease and even if you sign it, if your state has a law stating otherwise, the state law trumps the landlord. you can't sign away your rights. try to find out what your rights are, often times your state attorney general will have a tenants rights guide. you can find your AG on this website:
http://www.naag.org/attorneys_general.php
also, the Department of Housing and Urban Development has information on local rights, you can find there website by clicking here
http://www.hud.gov/
here are some tips on lease negotiation:
http://apartments.about.com/od/leases/a/negotiation_tip.htm?once=true& |
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Teresa C
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The most that a landlord can charge for a move in is 2 times the monthly rent for the security deposit and first month's rent. |
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bdgizzy
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They can basicly di anything they want too do. |
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COOKIE THE DEVIL
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normally its one lump sum bond witch is refundable if u leave the property as u found it and 4 weeks rent in advance bt it might b diff where u live. |
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