Have you upped deposit? (by WMH [NC]) Nov 30, 2020 7:51 AM
Have you upped deposit? (by FloridaNative [FL]) Nov 30, 2020 8:00 AM
Have you upped deposit? (by Ken [NY]) Nov 30, 2020 8:24 AM
Have you upped deposit? (by Roy [AL]) Nov 30, 2020 8:56 AM
Have you upped deposit? (by WMH [NC]) Nov 30, 2020 9:08 AM
Have you upped deposit? (by myob [GA]) Nov 30, 2020 9:41 AM
Have you upped deposit? (by Steve [MA]) Nov 30, 2020 9:51 AM
Have you upped deposit? (by Robert J [CA]) Nov 30, 2020 10:06 AM
Have you upped deposit? (by 6x6 [TN]) Nov 30, 2020 10:18 AM
Have you upped deposit? (by S i d [MO]) Nov 30, 2020 11:12 AM
Have you upped deposit? (by MikeA [TX]) Nov 30, 2020 12:00 PM
Have you upped deposit? (by Jane [TX]) Nov 30, 2020 2:54 PM
Have you upped deposit? (by plenty [MO]) Nov 30, 2020 2:58 PM
Have you upped deposit? (by BRAD 20,000 [IN]) Nov 30, 2020 4:08 PM
Have you upped deposit? (by BRAD 20,000 [IN]) Nov 30, 2020 4:09 PM
Have you upped deposit? (by T [IN]) Nov 30, 2020 4:14 PM
Have you upped deposit? (by Ray-N-Pa [PA]) Nov 30, 2020 6:22 PM
Have you upped deposit? (by WMH [NC]) Posted on: Nov 30, 2020 7:51 AM Message:
Just a poll of sorts: have you upped your security deposits?
I've gone to the maximum allowed by law: 2x the rent. I've taken payments from some, but I've collected the total without issue. --50.82.xxx.xxx |
Have you upped deposit? (by FloridaNative [FL]) Posted on: Nov 30, 2020 8:00 AM Message:
Just a question: are you collecting F/L/2 mo security for a total of 4 months? --99.56.xx.xx |
Have you upped deposit? (by Ken [NY]) Posted on: Nov 30, 2020 8:24 AM Message:
I can only collect 1 month security now by law,if they dont have it at the first screening call i am done with them right there --72.231.xxx.xxx |
Have you upped deposit? (by Roy [AL]) Posted on: Nov 30, 2020 8:56 AM Message:
1x the rent amount is the law here too. However, upping the rent is better than upping the deposit. Increased rent you get every month and the deposit is just a one time thing which may have to be refunded. --68.63.xxx.xxx |
Have you upped deposit? (by WMH [NC]) Posted on: Nov 30, 2020 9:08 AM Message:
Oh I'm upping the rent too, on turnovers anyway. But the increased Security Deposit is both a screening tool and, well, increased security! People want their money back, and returning deposits is a pleasure for me because it means they gave us back our property in pristine condition with no damage. I've returned 99% of our deposits over the past few years anyway. --50.82.xxx.xxx |
Have you upped deposit? (by myob [GA]) Posted on: Nov 30, 2020 9:41 AM Message:
ABSOLUTLY.... 3K is the starting point. Rents on turnover's are going 200 to 250 more. We have a severe shortage of SFH's and people want out of the city. Last rental went in 1 day. The two in Oct went 2/3 days. --99.103.xxx.xxx |
Have you upped deposit? (by Steve [MA]) Posted on: Nov 30, 2020 9:51 AM Message:
I'm already at the maximum amount that a MA LL can charge. Before keys are turned over I get confirmation that utilities have been switched, FMR, LMR, one month's rent for SD & a $100.00 key / lock fee. Even with a substantial increase at my last turnover, I didn't have too much trouble finding a decent tenant. --71.174.xxx.xx |
Have you upped deposit? (by Robert J [CA]) Posted on: Nov 30, 2020 10:06 AM Message:
I've raised my deposits to their maximum allowable in California -- 2 times the rent for unfurnished rentals and 3 times the rent for furnished rentals.
One applicant who was interested in renting an apartment in a complex, when one became available, was shocked to learn I wanted 1 months rent plus 2 months as a deposit. He says that I'm being unfair. I explained that the law allows tenants to get away with murder, so I'm asking a larger deposit so I won't be shot! The applicant is an armed security guard for a private company and didn't think my analogy was funny. I thought it was right on track! --47.155.xx.xxx |
Have you upped deposit? (by 6x6 [TN]) Posted on: Nov 30, 2020 10:18 AM Message:
I am actually shocked right now that CA allows 2x rent for SD.
When my tenants move I will be charging max SD and probably upping the rent. I will probably also repaint the inside of the house to the latest color, whatever that may be. --73.120.xx.xxx |
Have you upped deposit? (by S i d [MO]) Posted on: Nov 30, 2020 11:12 AM Message:
I am routinely getting 1.5 to 2x the rent as deposit. State law maxes out at 2x the rent.
For those who have silly laws that limit you too much, I think getting 1x the rent in addition to selling the resident an item of personal property for an amount equal to a month's rent might do the trick...with a Bill of Sale signed by Resident, of course. --107.216.xxx.xxx |
Have you upped deposit? (by MikeA [TX]) Posted on: Nov 30, 2020 12:00 PM Message:
I'm doing a sliding scale. Our market is pretty conservative on deposit's, 1/2 month is standard. I start there if it is a top notch applicant, but most aren't. I've gone as high as 2 months rent for someone who has dings. That's up from 1 month a year ago. --64.130.xx.xxx |
Have you upped deposit? (by Jane [TX]) Posted on: Nov 30, 2020 2:54 PM Message:
I am going to do 1 x deposit + last month rent upon lease signing. I collect 1st month rent before giving them the keys.
The reason for not doing 2x deposit is because if any issues occurs that involves a law suite, landlord's penalties are usually based on the amount of deposit, larger the deposit, greater the fine.
--70.119.xxx.xxx |
Have you upped deposit? (by plenty [MO]) Posted on: Nov 30, 2020 2:58 PM Message:
Asking and getting more. Even from section8 move in. Not a blink of the eye. --172.58.xx.xxx |
Have you upped deposit? (by BRAD 20,000 [IN]) Posted on: Nov 30, 2020 4:08 PM Message:
W,
FYI Indiana does not limit deposit amounts.
Only a few new leases recently. One paid a $5000 Non-Refundable Option Fee, $1100 rent. Legal in Indiana.
Other smaller homes 1.5x rent as deposit but hard for people to come up with that.
I suggest a higher rent amount advertised might turn away prospects. Perhaps use a sliding scale of reduced deposit means $XX added to the rent.
My heads up: utilities. With cold weather upon us and who knows what new or continued moratoriums will be in place, MAKE CERTAIN you know how unpaid utils will be handled and factor that into your LEASE and your DECISIONS.
BRAD --73.102.xxx.xxx |
Have you upped deposit? (by BRAD 20,000 [IN]) Posted on: Nov 30, 2020 4:09 PM Message:
Robert J,
My Screening Criteria does not allow law enforcement, public or private so your guy would be a no for me.
BRAD --73.102.xxx.xxx |
Have you upped deposit? (by T [IN]) Posted on: Nov 30, 2020 4:14 PM Message:
I have upped mine. So far, getting it. If they struggle, I push them to the Rhino program.
Increased rent too. I keep going up on each turn, waiting to hit the wall where it just won't move nor get interest. I got one 2bd unit that I have had 3 different people say "yes" just do have something happen and don't take it. Beginning to think its cursed or something... --76.77.xxx.xxx |
Have you upped deposit? (by Ray-N-Pa [PA]) Posted on: Nov 30, 2020 6:22 PM Message:
I didn't up my deposits, but I have upped my standards for my applicants. In the past, If your credit score was less than 580 I would accept extra deposit.
Extra deposit doesn't help you much if you get a royal PITA. So at this point you need to have at least a 620 credit score to be my tenant. If you have a 650 or higher and option money, I will bring up rent to own terms with a lead. I would suggest shifting more of your assets towards RTO and less as straight rentals --24.101.xxx.xx |
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