Do you rent? – Deposit Question

posted 3 years ago in Home
Post # 3
8389 posts
Bumble Beekeeper
  • Wedding: April 2013

@leembee:  I have a friend who went to school in Boston, and that sounds like what she had to come up with for a deposit.  My husband is from the NYC area, and his deposits were fairly large too.  It’s always sounded a bit high to me, but maybe this is common for the northeastern US?  I’m really not sure.

EDIT:  The most I’ve ever had to pay is 1 month deposit + first month, and that was only when I had no credit.  Once I had established good credit, I’ve never had to pay a deposit.

Post # 4
1178 posts
Bumble bee
  • Wedding: February 2014

It’s very common to do first month, last month, + security in larger metro areas especially.  If you live in a more suburban/rural area, you may get away with first month + security.  Also, it really depends on where you rent.  If you rent in an apartment complex, I’ve found that a lot will have specials where they waive security or decrease it at least, but renting a house/condo from a company or individual you don’t find that often.

Post # 5
2575 posts
Sugar bee
  • Wedding: May 2014

Every place I’ve ever rented has been first, last + security OR first + security deposit.  My security deposits have usually been the same as the monthly rent.  

Post # 6
3756 posts
Honey bee
  • Wedding: April 2014

@leembee:  I’ve been a renter for over 10 years and have lived in various apartments. Landlords ask for different things, but most commonly it’s first month + last month + security deposit. The security deposit may be the same amt as a month’s rent, but sometimes less. It sounds like he’s rolling the last/security into that deposit but I’d get it all broken down in writing so that at the end of your lease you’ll know if you need to pay the last month’s rent or not. I would never put down two months rent for a security deposit, that’s way too much. 

Post # 7
9137 posts
Buzzing Beekeeper
  • Wedding: November 2013 - St. Augustine Beach, FL

@leembee:  We had to do first month’s rent, last month’s rent, and a security deposit (which was equivalent to a month’s rent.)  That is pretty standard in my opinion.  We also had to pay a prorated fee since we moved in a few days before our first official month began.

Post # 8
1302 posts
Bumble bee
  • Wedding: June 2013

Yes, that sounds right to me. Any place I have rented has charged first and last month’s rent plus a deposit, which it usually equal to a month’s rent.

Post # 9
9412 posts
Buzzing Beekeeper

@leembee:  I live in Canada, and my understanding is that security deposits are very common here. I am a landlord with several properties and every one has a security deposit. If my walls, or anything else, get damaged, I want to make sure I am not the one paying for it.

As for the US, I am not sure.

Post # 10
3280 posts
Sugar bee
  • Wedding: June 2014

I rent while at school and all my apartments required a one month security deposit that’s given back at the end of the lease. 

Post # 11
3222 posts
Sugar bee
  • Wedding: April 2015

@leembee:  if you’re comparing Ontario rental practices, then you should know that Canadian/Ontarian rental practices (no security deposit, just first & last month’s rent) are an anomaly. It’s much more common to pay first/last/deposit, and if the rental is very nice or in a big city, then the deposit will be quite sizeable. 

If your realtor is saying it’s fine, then it’s fine.

Post # 14
3222 posts
Sugar bee
  • Wedding: April 2015

@MrsPanda99:  aren’t you a landlord in Ontario? There is no such thing as security deposits, and it’s strictly forbidden in the LTA. I work at a legal aid clinic in the landlord/tenant division. If it’s a private condo rental, you can take a security key deposit, and a deposit for use of the bike storage room (as mandated in your condo by laws).

The key deposit is at most $200 and fully refundable if the keys are returned at lease end. If there’s damage to the unit, you’ll need to file a claim to be compensated. 


Post # 16
5793 posts
Bee Keeper
  • Wedding: October 2014

This isn’t uncommon; some jurisdictions do put a cap on how much a deposit you can ask for but that cap (if there is one) is usually 2 months’ rent plus any pet deposits.  As for getting it back, it’s most commonly required that the deposit be kept in an interest-bearing account. You won’t get a ton of interest but it’s better than nothing. They will do a walk-through inspection to itemize any damages; be sure you are actually there for that, and that it’s done as close to move-out time as possible (after you’ve had a chance to clean and do any small repairs), and they’re supposed to give you an itemized summary of any damages they are holding back from your deposit.

I’ve heard of some people having a hard time getting their deposits back but everyone I know personally has either gotten their deposit within the 30 day window, or gotten good evidence of why the deposit is being kept.

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