 SD for increased rent (by dan [CA]) Dec 11, 2017 12:35 AM
 SD for increased rent (by LisaFL [FL]) Dec 11, 2017 3:17 AM
SD for increased rent (by Still Learning [NH]) Dec 11, 2017 4:33 AM
SD for increased rent (by AllyM [NJ]) Dec 11, 2017 4:59 AM
SD for increased rent (by Vee [OH]) Dec 11, 2017 5:02 AM
SD for increased rent (by LindaJ [NY]) Dec 11, 2017 5:29 AM
SD for increased rent (by S i d [MO]) Dec 11, 2017 5:34 AM
SD for increased rent (by WMH [NC]) Dec 11, 2017 6:45 AM
SD for increased rent (by Jim in O C [CA]) Dec 11, 2017 2:54 PM
SD for increased rent (by WMH [NC]) Dec 11, 2017 3:10 PM
SD for increased rent (by Kyle [IN]) Dec 11, 2017 6:41 PM
SD for increased rent (by dan [CA]) Posted on: Dec 11, 2017 12:35 AM
Message:
I have a tenant whose 1 year lease will expire at the end of this month and which I've given the option to renew the lease for another year at a higher rent.
Before I rented to him, there were some concerns about his credit history so I needed about 2 months rent for the security deposit instead of just 1 month rent I was originally seeking.
But, the renter wants to explore options like using part of that security deposit to pay for this rent increase. In other words, from the original two months rent security deposit, the tenant wants to use 1 month of that security deposit to pay for the rent increase and to keep the other 1 month rent of the security deposit as the security deposit for this new lease.
So, instead of security deposit of 2 months rent, his new deposit would be 1 month for this new lease.
The tenant is saying since he's paid every month and there's no damages to the rental, then then there's no need for the SD to be two months rent.
What do you think?
--172.112.xxx.xx |
SD for increased rent (by LisaFL [FL]) Posted on: Dec 11, 2017 3:17 AM
Message:
I say no. If he can't afford the increase, he can't afford to live there. Besides I don't let tenants dictate the rules. Things can change in an instant. My lease clearly states under no circumstance can the security deposit be used to pay rent. Besides if you do it for him, you have to do it for everyone, thus it's not an option. At least that would be my policy. --173.170.xxx.xxx |
SD for increased rent (by Still Learning [NH]) Posted on: Dec 11, 2017 4:33 AM
Message:
If you were comfortable with the idea you would have agreed. LisaFL stated it well. When you tell the tenant no be sure to acknowledge or thank them for the on time payments and good care of the property but let them know your policy is not to change lease terms during tenancy or that if they were to be applying now you would still be requiring the same terms so you are unable to use deposit toward the rent increase. --24.61.xxx.xx |
SD for increased rent (by AllyM [NJ]) Posted on: Dec 11, 2017 4:59 AM
Message:
I kind of agree with him as long as you are sure his job isn't taking a down turn and that he will be able to pay. --73.33.xxx.xxx |
SD for increased rent (by Vee [OH]) Posted on: Dec 11, 2017 5:02 AM
Message:
If you look at tenant rules the deposit is normally not accessed during the tenancy - bill for current damages in the next rent cycle - save the deposit for moveout damages. --76.188.xxx.xx |
SD for increased rent (by LindaJ [NY]) Posted on: Dec 11, 2017 5:29 AM
Message:
Unless there are state or local laws that restrict what you can receive for a security deposit, you are free to ask for what you want. The norm is 1 month. So you are under no obligation to return any of that. Of course if he leaves, and the place is good, he gets it back.
I always ask myself... how much do I want to keep this tenant? That guides what I will do with them. --96.236.xx.xx |
SD for increased rent (by S i d [MO]) Posted on: Dec 11, 2017 5:34 AM
Message:
We discuss increased security deposits up front at move-in and the rule is NO PORTION of the security deposit can be touched until the lease terminates and possession is returned to the land lord in full. The LAW does not allow me to touch the security deposit until the tenancy is over.
When I was younger and less experienced I tried this a couple of times, thinking that it was "only fair". It never worked out. Tenant was gone in a few months and--you guessed it--house was trashed.
Most of us have clauses in our lease that say the security deposit cannot be used for last month's rent. Basically, the same rule applies here except he wants to use it for "next month's rent"...same story, different month is all.
NO. This trick is used often by folks who intend to bolt and leave you holding the bag.
"Sorry, Joe, but our company policy and our state's laws say the security deposit can never be use for rent." is your answer. --173.19.xx.xxx |
SD for increased rent (by WMH [NC]) Posted on: Dec 11, 2017 6:45 AM
Message:
NC Law says that LL cannot access SD until end of lease and tenant has returned possession. The rule about having it stay in SD trust account until end of lease is to protect TENANT, so LL can't spend the money and it is there to return to tenant (if no damages.)
If you collected it as a SD, you can't use it for rent. You CAN return part of SD to tenant if you want - but you can't withdraw from the account each month and APPLY it to rent. A small thing but true.
If he can't afford your increase he is going to move at the end of the new lease. --173.22.xx.xx |
SD for increased rent (by Jim in O C [CA]) Posted on: Dec 11, 2017 2:54 PM
Message:
12 on time payments are good but not enough to reduce my original security deposit amount. In California maximum security posit is 2 months rent for an unfurnished unit or three months rent for a furnished unit. I always reduce the security deposit one hundred dollars so it doesn’t look like first last and security deposit. --75.22.xx.xxx |
SD for increased rent (by WMH [NC]) Posted on: Dec 11, 2017 3:10 PM
Message:
Jim in OC, I *increase* the SD by $250 LOL over rent LOL! --173.22.xx.xx |
SD for increased rent (by Kyle [IN]) Posted on: Dec 11, 2017 6:41 PM
Message:
I often charge a higher deposit for some qualification issue on a tenant's application. I do not reduce the deposit at renewal. They already paid the deposit, so it isn't a factor in their budget right now. They can either afford the new rent, or they can't. If they have to use the deposit for the rent increase, what will they do when that runs out? --73.102.xxx.xx |
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