 CA close to cap deposits (by s [CA]) Sep 16, 2023 5:26 PM
 CA close to cap deposits (by Jim in O C [CA]) Sep 16, 2023 7:14 PM
CA close to cap deposits (by W [CA]) Sep 16, 2023 9:38 PM
CA close to cap deposits (by Vee [OH]) Sep 17, 2023 8:40 AM
CA close to cap deposits (by Oregon Woodsmoke [ID]) Sep 17, 2023 10:17 AM
CA close to cap deposits (by Jim in O C [CA]) Sep 17, 2023 11:59 AM
CA close to cap deposits (by Mapleaf18 [NY]) Sep 17, 2023 4:50 PM
CA close to cap deposits (by zero [IN]) Sep 17, 2023 6:22 PM
CA close to cap deposits (by Libi [NY]) Sep 17, 2023 6:36 PM
CA close to cap deposits (by 6x6 [TN]) Sep 17, 2023 9:58 PM
CA close to cap deposits (by zero [IN]) Sep 18, 2023 6:49 AM
CA close to cap deposits (by S i d [MO]) Sep 18, 2023 8:07 AM
CA close to cap deposits (by Simplify [NY]) Sep 18, 2023 9:50 AM
CA close to cap deposits (by Ray-N-Pa [PA]) Sep 18, 2023 7:03 PM
CA close to cap deposits (by s [CA]) Sep 19, 2023 2:24 AM
CA close to cap deposits (by mike [CA]) Sep 20, 2023 12:16 PM
CA close to cap deposits (by Robin [WI]) Sep 20, 2023 7:27 PM
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CA close to cap deposits (by s [CA]) Posted on: Sep 16, 2023 5:26 PM
Message:
CA is close to allowing only up to 1 month's rent for the security deposit. How might this affect your tenant screening or rental business?
The end of sky-high security deposits? Lawmakers pass bill capping payments
www.sfchronicle.com/california/article/california-security-deposits-18364993.php --174.160.xx.xx |
CA close to cap deposits (by Jim in O C [CA]) Posted on: Sep 16, 2023 7:14 PM
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For me i will tighten up my requirements because i won’t have an extra months rent as a cushion. Another Dem ocratic disaster in Cal ifornia. My mentor taught me 52 years ago, NO TENANT IS BETTER THAN A BAD TENANT. --99.23.xxx.x |
CA close to cap deposits (by W [CA]) Posted on: Sep 16, 2023 9:38 PM
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Sounds like relatives will need to co-sign the rental agreement from now and on. Got one of those whose grandad had to co-sign. Not happy… --172.56.xxx.xx |
CA close to cap deposits (by Vee [OH]) Posted on: Sep 17, 2023 8:40 AM
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In order to have this work you will need to bill damages in next rent cycle without exception, If I were there I would send tenants to the respective representative who adopted this nonsense to help with payment plans to prevent evictions. --184.59.xxx.xx |
CA close to cap deposits (by Oregon Woodsmoke [ID]) Posted on: Sep 17, 2023 10:17 AM
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All that does is to make it more difficult for marginal tenants to find a place to rent. Sometimes if a tenant is a bit iffy, a landlord will still take them with additional security deposit. If no additional security deposit is allowed, then the landlord will decide to not take the chance.
Also much more difficulty for people with pets. Very often, a pet is allowed but only with additional security deposit. --76.178.xxx.xxx |
CA close to cap deposits (by Jim in O C [CA]) Posted on: Sep 17, 2023 11:59 AM
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My current ESA dog has done $2000 damage and a previous cat did $5000 damage. My 2 minute inspection visit will now become 10 minutes. This will only make it harder for iffy applicants. --146.70.xxx.xxx |
CA close to cap deposits (by Mapleaf18 [NY]) Posted on: Sep 17, 2023 4:50 PM
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Already rolled out in NYS in 2019. It stinks bc one month does not cover damages in C class areas with inflation being what it is. --64.246.xxx.xx |
CA close to cap deposits (by zero [IN]) Posted on: Sep 17, 2023 6:22 PM
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Seems that the easiest fix for this scenario is everyone raises the rent x2. Then when you collect deposit it helps.
Another situation with an easy work around. --107.147.xx.xxx |
CA close to cap deposits (by Libi [NY]) Posted on: Sep 17, 2023 6:36 PM
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In NY we can’t take more than one month rent as a security deposit. Some people was begging me to take higher security deposit and accept them. I suggested to contact our local representative and talk to him. --174.204.xxx.xxx |
CA close to cap deposits (by 6x6 [TN]) Posted on: Sep 17, 2023 9:58 PM
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I was going to ask Jim in O.C. for some examples of what he would do to tighten screening and then he mentioned one.
Zero, I don't know if that would work in an area with rent control? --73.190.xxx.xxx |
CA close to cap deposits (by zero [IN]) Posted on: Sep 18, 2023 6:49 AM
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True, those areas with rent control would be in a tougher spot.
How about signing a six month lease after which the tenant must leave. Spelled out up front.
Lease expires, tenant leaves and rent gets adjusted.
Good tenants get the chance to stay at the place but must adhere to the rent adjustments.
Would be tricky for sure and would need a lot of tweaking to stay on the legal side.
So happy that my state is not doing that stuff... yet. --107.147.xx.xxx |
CA close to cap deposits (by S i d [MO]) Posted on: Sep 18, 2023 8:07 AM
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I'm not a CA landlord... thankfully.
But it's the same problem here. Missouri limits the rental deposit to no more than 2x the monthly rent, which means there are some marginal "okayish" tenants whom I have to decline.
Someone who has only been on the job 2 months. Nope.
Someone who had a bankruptcy 2 years ago. Nope.
Someone with high debt to income that's on the edge. Nope.
Lots of "nopes" where there could be at least a few 'yesses'. I'm not saying that everyone with problems knocks on my door and offers 6 months rent in deposit, but I have had a few offer 3 or 4 months. I have to say, "I'm sorry, but I cannot accept that legally."
Why not just do prepaid rent?
Tried that. They start siphoning off the prepaid rent, so soon instead of being 3 months ahead, they're only 2... then only 1. I can't evict them or charge late fees because they prepaid the rent, and no judge will toss them in that scenario. It HAS to be a deposit.
Govt trying to "help" often causes more problems than it solves. No reason why two adults cannot contract for a scenario that is beneficial to both of them. People aren't as stupid as the Govt thinks they are. There's no need to "protect" tenants from landlords who require a higher deposit. The tenants can simply rent from someone else, and the LL sits there with an empty unit making no money.
--70.57.xx.xxx |
CA close to cap deposits (by Simplify [NY]) Posted on: Sep 18, 2023 9:50 AM
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Another voice from NY - yes, tighter screening, 2 minute inspection, and visits to make sure their new unit "is working for you", these are all are things we have done or gotten better at since NY changed their law in 2019
No surprise to anyone here, the strict limit to 1 month rent + 1 month security upfront has hurt the tenants and not just the landlords. --104.255.xx.xxx |
CA close to cap deposits (by Ray-N-Pa [PA]) Posted on: Sep 18, 2023 7:03 PM
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Can you charge first and last month's rent along with that security deposit?
In PA we can charge up to two months deposit for the first year and then it drops down to one month deposit
--24.101.xxx.xxx |
CA close to cap deposits (by s [CA]) Posted on: Sep 19, 2023 2:24 AM
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Ray-N-Pa,
Only an application fee (capped by law), first month's rent, and deposit.
Anything else, including "last month's rent", is considered a deposit.
Deposit is capped by law (currently 2x rent for unfurnished unit, but may soon become 1x rent if approved by governor), and cannot be non-refundable by law. --73.170.xxx.xxx |
CA close to cap deposits (by mike [CA]) Posted on: Sep 20, 2023 12:16 PM
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this is a great way to make it harder for folks with blems on their record to find a home. california is the world leader in stupid ideas...this is todays --75.80.xx.xx |
CA close to cap deposits (by Robin [WI]) Posted on: Sep 20, 2023 7:27 PM
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Why not add a "risk premium" to the rent? Administrative surcharge? Lease prep fee? In-home visit charge? I agree that this will make life difficult for more marginal tenants, but there's always a workaround.... --104.230.xxx.xxx |
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