 Security Deposit amount (by Steve [SC]) Nov 26, 2012 8:07 AM
 Security Deposit amount (by Kyle [IN]) Nov 26, 2012 8:11 AM
Security Deposit amount (by BRAD 20,000 [IN]) Nov 26, 2012 8:52 AM
Security Deposit amount (by gevans [SC]) Nov 26, 2012 8:53 AM
Security Deposit amount (by S i d [MO]) Nov 26, 2012 9:25 AM
Security Deposit amount (by 574-Brad [IN]) Nov 26, 2012 4:49 PM
Security Deposit amount (by Echo [GA]) Nov 27, 2012 7:31 AM
Security Deposit amount (by Steve [SC]) Posted on: Nov 26, 2012 8:07 AM
Message:
What is the best way to determine the appropriate amount to require for a security deposit?
State Specific Question About: SOUTH CAROLINA (SC)
--69.174.xx.xxx |
Security Deposit amount (by Kyle [IN]) Posted on: Nov 26, 2012 8:11 AM
Message:
You want as much as you can legally get, but that will be limited by what the competition is requiring. Contact comparable rentals to see what they ask for as a deposit the same as you research comps to set the rent. --140.182.xx.xx |
Security Deposit amount (by BRAD 20,000 [IN]) Posted on: Nov 26, 2012 8:52 AM
Message:
Kyle said it!
All real estate is local, so you need to learn what YOUR area is doing. Just Google rental in your town. Learn what the BigDog Apts (your competition) are doing.
Overall, our dep is same as the rent.
Tip: ALWAYS apply monies received to the DEPOSIT until it is paid up. THEN apply monies to the rent owed.
If I were king of the world, my deposits would be 3x the rent to realistically cover unpaid rent and cleaning/repairs at move out. But my market would never tolerate that amount. --50.129.xxx.xxx |
Security Deposit amount (by gevans [SC]) Posted on: Nov 26, 2012 8:53 AM
Message:
I require $5 less than 1 month's rent (to help emphasis it may not be used for last month's rent).
I don't think the local market will allow any more.
Check www.ahrn.com to find comparables in your area. If you look at the details of the local listings, they will show the deposit amounts. --141.129.x.xx |
Security Deposit amount (by S i d [MO]) Posted on: Nov 26, 2012 9:25 AM
Message:
Two key points here so far. Get as much as you can by these TWO factors:
1) your state law maximum
2) what your local market will bear
In Missouri, I can get up to 2x monthly rent, but in my town I am lucky to find someone who has first month's rent PLUS deposit equal to 1 month's rent. No one will even call if deposit is more than 1 month's rent. No one here gets first and last month's rent...which I would also demand if I were king of the world. --108.250.xxx.xxx |
Security Deposit amount (by 574-Brad [IN]) Posted on: Nov 26, 2012 4:49 PM
Message:
I agree, get as much as you can. The more you try to get, the less likely you are to rent it out. I too am lucky to get a months rent as a deposit. I don't even try that anymore. I just lose it in extended vacancy, all for a sum of money I HOPE I get to return at the end of the tenancy. Too many times I had decent apps for a $500+/mo house where the applicants couldn't move in because they didn't have $1,000+. Tenants don't have that kind of money.
If you have mobs of good applications coming in, I would say you could raise the deposit amount and/or your rent may be lower than you could be getting. --67.236.xxx.xx |
Security Deposit amount (by Echo [GA]) Posted on: Nov 27, 2012 7:31 AM
Message:
Locally market determines for me. Places that are $400-$500 I get $300. I'd like to get more but cant. --98.94.x.xxx |
Reply:
|
|