What is a typical security deposit on a rental property?

Question

I am thinking about renting my home out for 1295 a month. How much should I charge for a security deposit? The home is not furnished. What is typical deposit and how much extra per pet?

Answer 1

One month rent in Kingwood, TX and surrounding areas. In more rural areas it is generally 1/2 to 3/4 month rent.

Pets range from $250-month rent. Depending on if the owner is discouraging pets.

There are forms at your library in the law books for leasing. You can also buy them at most bookstores.

If you list with realtor, they will help you figure all this out.

Answer 2

Typical Security Deposit

Answer 3

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RE:
What is a typical security deposit on a rental property?
I am thinking about renting my home out for 1295 a month. How much should I charge for a security deposit? The home is not furnished. What is typical deposit and how much extra per pet?

Answer 4

Standard Security Deposit

Answer 5

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Answer 6

Usually the security deposit is the same as one month of rent. I'm not sure what state you are in bc that sounds so high. Nevertheless that is usually what it is. With pets it is usually $200 deposit and some landlords charge a bit more for the rent due to an animal in the home. That is what you need to think about, if your home is carpeted and the dog or cat urinate the renter will have to pay for the carpet to be cleaned but will the smell ever come out? Before purchasing my home I looked at several houses; one was beautiful but turned me OFF b/c it smelled like URINE. Just something to think about.

Answer 7

If you're going to be a landlord, find out about your state's landlord/tenant laws. Many states have all sorts of rules on deposits.

Typically a deposit is equal to one month's rent. A pet deposit is usually non-refundable and runs betweet $200 to $400.

Be sure you do a walk thru with the tenant and get something signed as to the condition of the place. Take pics. And then do another walk thru when they leave. Take more pics.

Answer 8

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As far as interest goes, I wouldn't bother, since they only have to pay prevailing rate. Right now thats about .1% on some accouts so over 2 years you are looking at.. $3. As far as the deposit goes, technically they are subject to a penalty for paying late, but the code doesn't seem to specify a particular remedy, so the most likely scenario is the required payment of interest. See the above regarding how much that would be. More likely they would simply claim paperwork error or returned mail, etc. Unless you can prove the painting they claimed was not required, I can't see this being worth pursuing.

Answer 9

I would recommend that you consult with a real estate attorney before you start renting out property. Every state has its own laws and many local cities, towns, and counties complicate the issue with their own ordinances. If you foul up on something as innocuous as a deposit you can get yourself into a real expensive situation. For example, CA forbids non-refundable deposits such as for pets.

Personally, I would recommend that you hire a professional property manager to handle the daily scat work for you. It will cost you 10% of rents received, but the first time that a furnace or water heater heads south on Christmas Eve (it's not if, but when!) you'll be glad you had one! They also vet all prospective tenants, run credit checks, check references, etc and ensure that you don't inadvertantly run afould of the law.

Answer 10

I think the last time I rented an apartment, it was for about that much per month, and the security deposit was $300 and another $200 deposit for the pet (it was a cat - limit 2 cats, $200 each). I got $150 back for the pet deposit (knowing up front the $50 was non-refundable) and all back for the regular deposit.