Found a spacious apartment in not the best neighborhood (not that this is a factor...just tossing it in here) Landlord requires 1st month's rent, last months rent, and a security deposit of the same amount. This will be the second place I live in since I moved out of my parents house 4 years ago. Is this legal. Amount totals well over 3k. Your insight is greatly appreciated.
2007-09-28 05:16:59 · 15 answers · asked by Hmmm? 2 in Business & Finance ➔ Renting & Real Estate
Depends upon where you are. It's legal (and common) in some areas but not in others. In CA for example, anything above the first month's rent and an application fee is considered deposit. It would be OK to ask that much as state law allows up to 2.5 months rent for a deposit for an unfirnished place, however the "last month" would legally be considered part of the deposit under state law.
2007-09-28 05:22:01 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
Yes. It's legal. You pay a security deposit that the landlord can use to cover any damages caused by you. If there are none he nust return it within 30 after you leave. Collecting the last months rent assuures the rent is paid and the tenant won't try using the security as the last months rent.
2007-09-30 18:00:31 · answer #2 · answered by Classy Granny 7 · 0⤊ 0⤋
Unfortunately this is very legal. As a landlord thay can create nearly any financial terms they want within the laws of your state. They own the property and it is their free will to charge whatever they want for the place. If you want a rent controlled environment then this type of thing falls under governmental housing.
All else is subject to the laws of free market economics. If they charge too much they will drive off their customers and they loose. If the price is too low, they may invite a greater demographic of customers. The idea is to attract the right type of customer who will take care of the place. My guess is from the terms, they have had a lot of people just move off and not pay their rent and or they have had people tear up the apartments. It cost a lot of money to have people come in and paint/clean when a tennant suddenly moves out.
Now, if you are going to put up that much money to move into an rental you need to make sure you understand the terms of the deal very well!
Good luck.
2007-09-28 05:27:18 · answer #3 · answered by sfuller94 3 · 0⤊ 1⤋
It depends on your jurisdiction and its landlord/tenant laws. I know I paid a similar arrangement when living in California, and never paid that amount in Nebraska. I would lookup the secretary of state and housing authority Web sites in your jurisdiction to see if they have a renter's rights publication you can review.
Nowadays, if someone told me they needed that type of cash up front, I would tell them to go jump. Just because they asked doesn't mean that they will not negotiate. It will really depend on the housing market in your area. (When I was living in California, I was in the Bay Area during the tech boom and occupancy was at 98%. When looking for apartments, you had to show up when they announced an opening and have cash on hand, else it would be rented in the next couple of hours. Where I live now, you have many more options and time to mull it over.)
2007-09-28 06:18:06 · answer #4 · answered by Jason 2 · 0⤊ 0⤋
I think I would check around some more. That seems awfully steep. It's not a matter of being legal. But you might check with the City Governmental office to see if they have regulations on landlord and rent premiums. Also check for what is required by landlords regarding maintenance and inspections of units.
2007-09-28 05:31:42 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Usually this is normal practice for most rentals. However, check with the state on any regulations that your state might have on landlord requirements. Some states no longer require the first and last months rent.
2007-09-28 05:23:02 · answer #6 · answered by T 5 · 2⤊ 0⤋
Some states limit the amount of a deposit, others do not. In NJ for instance, a security deposit can only be 1.5 times the monthly rent. This would exceed that amount. If you provide your state, we can provide more information.
2007-09-28 05:58:24 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Hi,
Very legal, and smart I have to add. As a Landlord this helps sort out who can afford to rent the space and who can't. Sorry we have to do this, but the deadbeats of this world are making it expensive to do business for everyone. Sorry they are ruining it for you.
2007-09-28 11:11:01 · answer #8 · answered by skiingstowe 6 · 0⤊ 0⤋
Check your state's website for landlord laws. Where I live there is a limit on what can be charged, but it will vary by state.
2007-09-28 05:23:47 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Yeah, that's what we had to pay, when we moved in to our old place. Every landlord is different.
2007-09-28 06:20:24 · answer #10 · answered by lastcaress21 3 · 0⤊ 0⤋