 Security Deposit Increase (by WMH [NC]) Jan 14, 2022 12:11 PM
 Security Deposit Increase (by 6x6 [TN]) Jan 14, 2022 12:36 PM
Security Deposit Increase (by myob [GA]) Jan 14, 2022 1:29 PM
Security Deposit Increase (by Ken [NY]) Jan 14, 2022 1:50 PM
Security Deposit Increase (by WMH [NC]) Jan 14, 2022 2:36 PM
Security Deposit Increase (by Robert J [CA]) Jan 14, 2022 2:55 PM
Security Deposit Increase (by 6x6 [TN]) Jan 14, 2022 3:53 PM
Security Deposit Increase (by WMH [NC]) Jan 14, 2022 5:23 PM
Security Deposit Increase (by Ken [NY]) Jan 14, 2022 5:55 PM
Security Deposit Increase (by LeePookie [IN]) Jan 14, 2022 8:50 PM
Security Deposit Increase (by myob [GA]) Jan 15, 2022 9:03 AM
Security Deposit Increase (by WMH [NC]) Jan 15, 2022 9:46 AM
Security Deposit Increase (by Ken [NY]) Jan 15, 2022 7:23 PM
Security Deposit Increase (by WMH [NC]) Posted on: Jan 14, 2022 12:11 PM
Message:
My new leases now require that when rent goes up at renewal, the SD must also be increased as it must now always equal 2x the rent. I have far too many long term tenants with too-small deposits on hold.
I just sent out my first one with this requirement - she will have to increase her deposit by $50 by end of existing lease or the new lease is null and void. A LOT easier to get $50 over almost two months time than to get $1000 or more on a long-term lease renewal. --50.82.xxx.xxx |
Security Deposit Increase (by 6x6 [TN]) Posted on: Jan 14, 2022 12:36 PM
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Thank you for sharing. That sounds like a good idea. What part of your lease do you put this in? --73.120.xx.xxx |
Security Deposit Increase (by myob [GA]) Posted on: Jan 14, 2022 1:29 PM
Message:
as much as I love big deposits I can't help but ask this.
Why do you need to get more deposit on a tenant your willing to renew?
Tenant with bad track record - I get that but don't know why you would even renew that type tenant. The 50.00 you mention doesn't seem to be an amount worth bothering for? --99.103.xxx.xxx |
Security Deposit Increase (by Ken [NY]) Posted on: Jan 14, 2022 1:50 PM
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What if they refuse? are you sure you wont be painting yourself into a corner? --72.231.xxx.xxx |
Security Deposit Increase (by WMH [NC]) Posted on: Jan 14, 2022 2:36 PM
Message:
MYOB, like you, I have found that long-term tenants can be great in the beginning but CAN go bad. And based on the pandemic moratoriums, 2x the rent state-maximum is what I am now charging all incoming tenants for SD. Just trying to bring older tenants up into the same range. The more skin in the game, the more they tend to STAY good tenants.
6x6, first page of lease under the section that addresses Security Deposits: the amount, the location - all the legal stuff. But I added this line at the end: "Security Deposit must always be brought equal to 2x the rent in the event of a rent increase."
If they refuse I won't renew and their lease goes M2M with a 10% increase. Or they can leave. I can rent their place (any of my places) for well more than the $25 rent increase which is what was built into my old lease. Now it's $35.
Well, first one just signed it within minutes (and her lease isn't even up until March, so she's not even looking.) All she asked is if she can add a second vehicle (lease says not more than 1 car without permission - she's a singleton but has a car and a pickup.) --50.82.xxx.xxx |
Security Deposit Increase (by Robert J [CA]) Posted on: Jan 14, 2022 2:55 PM
Message:
What ever we try to do in the name of protecting ourselves, our long term tenants who've always paid their rent on time and in full, are worthy of some consideration. Thinking back, when a tenant reports issues immediately saving me time and money on possible damages or higher utility bills, a few bucks rental deposit increase is peanuts.
But tenants who break the rules, have too many guest staying over and consume extra water/sewer and other costs, are prime for higher rents and accompanying security deposits. --47.155.xx.xxx |
Security Deposit Increase (by 6x6 [TN]) Posted on: Jan 14, 2022 3:53 PM
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Thank you WMH --73.120.xx.xxx |
Security Deposit Increase (by WMH [NC]) Posted on: Jan 14, 2022 5:23 PM
Message:
RobertJ, inflation is rampant and we are not doing ourselves any favors by "favoring" old tenants who pay their bills. *I* pay my bills and no one is cutting me a discount as a result.
Back in the day a vacancy/turnover was to be dreaded. Not anymore, I can raise the rent HIGHER on turnover than renewal. So if someone wants to stay, even if they are "good" I am raising the rent a minimal amount and requiring more deposit too. They WILL get it back - I promise - if they give me back my place undamaged and clean. --50.82.xxx.xxx |
Security Deposit Increase (by Ken [NY]) Posted on: Jan 14, 2022 5:55 PM
Message:
I agree long term tenants can pack and move,my state just created a situation where tenants basically make the rules,they can leave and i will sell or jack up the rent considerable more.i am reconsidering short term rentals but dont want to tell with the tenants so i have to figure out how to avoid that part --72.231.xxx.xxx |
Security Deposit Increase (by LeePookie [IN]) Posted on: Jan 14, 2022 8:50 PM
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This is gold. thanks WMH!! --96.31.xxx.xxx |
Security Deposit Increase (by myob [GA]) Posted on: Jan 15, 2022 9:03 AM
Message:
No No NO ---- WMH I DON'T HAVE OR LIKE LONG TERM TENANTS.
I try to rotate my stock under a 3 or 4 years schedule.
I repeat I don't like tenants who get entitled.
I keep my property's refreshed inside and out-- including fresh tenants. --99.103.xxx.xxx |
Security Deposit Increase (by WMH [NC]) Posted on: Jan 15, 2022 9:46 AM
Message:
I guess I should define long-term tenant! We have a few that are over a decade, I think two. That's way too long it is what it is. They pay, they take care of their places and they report issues promptly, so fine.
But I'm thinking 3-4 years *is* a long term tenant. The rents have gone so high that I could making considerably more on some spaces if they were rented to new people. --50.82.xxx.xxx |
Security Deposit Increase (by Ken [NY]) Posted on: Jan 15, 2022 7:23 PM
Message:
WMH,have you thought about just jacking the rent up and if they pay fine and if they leave fine also? --72.231.xxx.xxx |
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