I may sound stingy on this, but any tenant applicant that doesn't have 1st month's rent and security deposit on hand seems like a disaster waiting to happen.

Honestly.... I've had people apply for an apartment and not even have a complete rent payment! What could they possibly be thinking. And if they can't even weather the deposit, how can you expect them to pay every month, when all those emergencies happen?

"Can you hold it for me for $100"

This to me sounds like the worst idea ever. You have to turn down other applicants with cash, and leave the apartment vacant losing money until they finally get their finances in order. And if they back out which is just as likely, inevitably they're angry at you- for 'stealing' money from them.

Anyone have any positive experiences with the 'I'll have it for you Tuesday' new renter, or the down payment squatter? I just thought I'd get feedback tx

Jeffpas I don't think you're being unreasonable at all. If they can't come up with that it tells you have nothing--no savings if anything goes wrong.

It all depends on your tenant pool.

If you're renting a $2,500/month apartment in Chicago, I'd definitely expect my tenant pool to not flinch at paying first month's rent, last month's rent, and security deposit. That can easily run, what, $7k? That's significant.

But if you're renting to people who flip burgers or who manufacture doodads for minimum wage, they're not going to have $7k liquid, which is fine, because they're also not renting $2,500/month apartments. They might be renting a place that's more like $400 or $500/month. And the landlords operating in that market might not be able to get first and last plus SD... maybe just first and SD. And maybe sometimes, with the cost of getting electric, and gas, and water switched over into their name, perhaps their options are "be strict and have four months' worth of vacancy before they find someone who's qualified"-- and lose $1600-$2k in lost rent while they're waiting-- or "work out a payment plan to get past the move-in funds, and then get back to normal."

So, yeah. People will ask you anything. And you definitely shouldn't say "yes" casually. :) Unreasonable expectations happen at any price point. :) I have a $360/month 1/1 sfh, and I had the neighbor's son call me up. It's him, his girlfriend, and his father, and between the three of them, he has the only paycheck, and earns about $500 month. That was a bad idea on all sorts of levels, and obviously, I didn't go for it. :)

Sounds like J. Wellington Wimpy :

As Robert said, if they dont have the proper funds prior to moving in, when they are trying to work with you and convince you to accept them, they are even less likely to give you the rent once they have moved in and now have legal rights.

I now require first and last in cash or money order AND I require it within 48 hours (when the lease is to be signed), of approval of a prospects application.

I have a motto: always ask because there are 3 thing people can answer - YES, NO , And MAYBE - and two of the three are good.

If they seem like a good prospect I ask them to put in writing why they need what that are asking and what is their plan to pay. I rarely get back a written request to accommodate their problem. That way I dont seem like an ogre when I say NO !

Remember "dont let tenants make their problem your problem".

I rent Class C houses. Rents range from $700 for a tiny studio to $1200 for townhouse. I've raised Security Deposit to $200 then $250 soon $300 above rent.

I market 60 days when possible, and yes I *will* work with folks on a deposit in that time frame.

1/2 deposit amount as Holding Fee - non-refundable if they don't follow through.

Remainder deposit 2 weeks later.

First month's rent before possession.

RB