when i moved in 3 years ago i put down first last and security, after 1 year my rent was raised $75.00 and the apt. was sold to a new landlord. i singed the contract and have paid the new rent. now my lease is do to be renewed at the same rental rate but the land lord wants to raise the security deposit. can he do that?
2007-01-24 03:34:32 · 2 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yup. All previous agreements are null and void (as they have expired). It's basically like you're starting over and he can ask for a greater deposit if he wants to. You can also ask him to just keep your old deposit amount, but he isn't obligated to do it.
2007-01-24 03:41:23 · answer #1 · answered by Phoenix, Wise Guru 7 · 2⤊ 0⤋
You don't give enough information to answer your question.
Some of it will depend on the laws where you are located.
Some of it will depend on the lease you signed, and whether it addresses this issue specifically.
In general, I would say that yes, since your security deposit was based on rent, and the rent has increased, you can be asked for more. You can almost certainly be asked to pay the $75 difference between the amount you paid and the amount of your last month's rent, which will be $75 more than you expected when you made the deposit.
I would also check to make sure that your lease specifies that the amount you paid when you moved in is applied to your last month's rent, in which case you don't owe any rent (except that $75) the last month you live there. Some people throw out the term "first, last and security" when in fact it's first month's rent + 2 months' rent as a security deposit, in which case you DO have to pay rent your last month, and your landlord has X days to return the security deposit less any bona fide and documented deductions from it after you vacate.
2007-01-24 03:46:09 · answer #2 · answered by Karen M 3 · 1⤊ 1⤋