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TOPIC: Rent

Renting 2 years 6 months ago #31

  • Moneyes
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The first and last month can be a sticking point for a lot of renters and, therefore, for a lot of landlords as well. It is really up to the landlord to make sure he is covered financially before a renter even moves in, because the whole theory behind the first and last is that it covers the landlord financially. Sorry, but if you're a landlord and you depend on that first and last to keep your head above water for just that one unit or house, you're not prepared to be a landlord in my opinion.
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Rent 2 years 8 months ago #32

  • FrankN
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Atlanta usually only asks for 1st months rent and a security deposit.
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Rent 2 years 8 months ago #33

  • patse
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Here in NY they say first, last and security but they usually only ask for 2 months rent. I don't know why they would ask for last month's rent too. If you skip out they could just keep the security deposit.
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Rent 3 years 6 days ago #34

  • Cents
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In Pennsylvania, most landlords only require first month's rent and security; however, I also live in a fairly rural area. They probably want first, last, and security if you look for a place near Philadelphia or Pittsburgh.
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Re: Rent 10 years 6 months ago #35

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Wow, let's rate this thread, this is good info on all ends. Shark6, I do believe everything you said and I think all will benefit from your input. Cireone, I am so happy that you found a good deal towards what you were working wiht.
:white-flag:
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Re: Rent 10 years 6 months ago #36

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Thanks everyone for your insight. I have gained knowledge. As for here in AZ, it seems like the landlord has the option of charging combination of two or all three. I have been offered an apartment for $399 move in first month pro-rated if moved in at the middle of the month. I am hesitant to move into an apartment as are family size is a little more than the average adn need all the space and privacy for a reasonable price. Well, I will be looking into a rental management company that a friend suggested. Ihave seen their site online and they have better rates thatn the one Im currently paying. She warned me though that every owner of the house has their preferences so to have other houses as an option. I will update you all.
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Re: Rent 10 years 6 months ago #37

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Meya, in the state that I am in now, there is no limit for the security deposit charged and in the state where I use to llive it was 2mths.

Just to be clear, I find that commercial apartment buildings typically don't charge first, last and security. In fact, some apartment complexes will offer you a bond if you qualify.

We owned a townhome, private home and we charge first, last and security. According to themarket and how desperate some landlords are, this will vary.

I researched alot on being a landlord and trust me if the shoe were on the other foot, you would want to protect your invesment. We were not adverse to working with people on breaking up one of the amounts in payments but this was based on their honesty, whether they had a co signer, t heir credit, the income, years on the job and finally whether I believe them or whether I had a bad feeling about them.
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Re: Rent 10 years 6 months ago #38

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Is there any reason why potential landlords require a first and last months rent on top of the security deposit?????
It can be outrageous. Im trying to get a new place and Ive been getting the same upfront fees from alot of people. Im strapped on funds and cant afford to have $3000 upfront to rent a house and not get any back or just the deposit.

Cireone, i know how ya feel! Here in Chicago, the landlord can charge no security deposit to whatever they want. Some building have specials were they give you one month free rent. Of course your credit has to be perfect...or it's a place you don't want to live in. I've been in the same neighborhood for 11 years..and moved to three places all in a mile radius. My last move was in 03, around the corner and costed me...$2900...this was in 2003. Rent was $800, landlord was asking for one month rent/plus one month sec. My credit was not good so I offered an extra month sec. and got the apartment. Now that I work 25-30 miles away and the cost of living is up...my next move would be very expensive ..with the rent...and hiring movers to move me across town. I'll say if I move to another apartment ..it would be arount $3300 to $3500..that's whay i'll wait to see if I could get that FHA loan...:laugh:
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Re: Rent 10 years 6 months ago #39

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That's a little less than 5 months worth of rent. In L.A., a decent 1 bedroom apartment will cost you over $1k monthly in a good neighborhood.
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Re: Rent 10 years 6 months ago #40

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That makes since Shark6, also hjm331. I remember back in the days when were all trying to get apts together, they were first, last, and the security deposit was so low (lower than the rent). I have found the Nolo Rental directory and is states what each state can charge state by state.

1. Security Deposit Limits, State by State http://www.nolo.com/article.cfm/ObjectID/66BB4E6B-8A0E-4230-9E0E7AAE42638269/catID/5F6E6230-A8FA-41AA-887CA22C004F6C4D/213/178/187/ART/

2. Landlord-Tenant Statutes, State by State http://www.nolo.com/article.cfm/objectID/1682EC3F-6144-4D2B-9F5C6971C36F2928/213/178/ART/

Shark6, don't you guys have to apy the courts a minimum of $5k to proceed with an eviction? I was at our courthouse when I was trying to file a restraining order on someone and I happened to see a line where it stated "$5k for landlords to start eviction process for tenants", I was like wooooooe! I might be wrong, but I do remember the fee being that much.:confused:
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Re: Rent 10 years 6 months ago #41

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There are abusive landlords who charge late fees if they don't receive their rent by the 1st of the month and keeps on calling everyday like a collection agency asking for her rent. They are very rude and have no heart because they don't care if you are in financial trouble or have enough money to feed your family that night. They don't even need the money, they are filthy rich. What are they going to do with the money once they're gone? Take it with them?
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Re: Rent 10 years 6 months ago #42

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Since I acquired my first rental property, I ask for first & last months rent upfront that way I wont get burned by my tenants if they decide to skip. I cant complain though, my tenants are the best.
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Re: Rent 10 years 6 months ago #43

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I haven't heard of a land lord asking for all 3. I have heard a landlord asking for first and last or first and security deposits.

Rules may vary by state though.
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Re: Rent 10 years 6 months ago #44

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Meya, California probably is different. I used to live in a NE state and now in a southern state. In both states, we asked for first, last and deposit. I also took a Landlord's class and read up on my state's laws.

The thing is from a landlord's perspective, according to the laws if you don't pay me my rent, i can't just changed the locks or throw you out. I have to go through a process through the courts which may take up to 30 days or more and all the while someone is living in my place rent free and probably destroying the place.

This is why I always have last months and I always put in thelease that they have to give us 30 days notice of intent to not renew lease begininggin on the last week of the previous month. Just think from my point of view, your lease ends oct 1 but you don't tell me until sept 15.

I need about 1-2wks to get the place tidied up to rent and to place an ad which ususally runds the next week from when the add is placed. So I am not able to show the place until around Oct 15 and in this market it may take 2-4mths to get something rented. It's not fair and the person has violated a clause in the lease for which the penalty is forefieture of the last months rent.

We also put in our clause that the security deposit can not be used towards last months rent.

Renting is seldom a headache free business.
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Re: Rent 10 years 6 months ago #45

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Hvent heard that in a while, all I hear about in California is First & Security Deposit. If I am not mistaken, they can't ask for first, last, and security in California, it will have to be either First & Deposit, or First & Last. I will check up on this to make sure I am right, but I will take Shark6 advice since she has experience in this matter. I am for sure that it is for security of the landlords because you have some tenants who will mess you over in the rental industry. That makes it harder on good tenants who are struggling to find a decent place to live.
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