Post # 1
DH and I are Canadian living in the US. We’ve been here for about a year now renting an apartment and are looking into moving once our lease is up at the end of August – staying in the US.
We’re negotiating on a rental right now, and the landlord wants two months deposit ($4000) plus first months rent. We feel like that’s way too much to leave as a deposit, especially since we both have good credit, but our agent says it’s very common here (we live in CT, just outside NYC for reference). Our current apartment required one month deposit, but it’s a complex owned by a company.
Being from Canada, and landlords ourselves, as we own a condo and rent it out there, deposits can’t be taken, only first and last months rent. Is it common to give two months deposit?
Post # 3
@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
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
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
@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
- 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
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
@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
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
@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 # 12
Thanks for all the quick replies ladies!
This isn’t first and last months rent plus one month, it’s two months security plus one months rent ($6000). Although the figure is the same, it’s allotted differently, meaning when our lease nears the end, we still owe last months rent, and the $4000 security deposit can be kept for up to 30 days. We’re more concerned about getting the $4000 back at the end of our lease than coming up with the money which isn’t a problem.
Post # 13
@MrsPanda99: You cannot legally take a deposit in Ontario. You can take first and last months rent and that’s it.
Post # 14
@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 # 15
- Wedding: November 2013 - St. Augustine Beach, FL
@leembee: A $4000 double security deposit sounds excessive. Try to contact the local housing authority for guidance on renter’s rights.
Post # 16
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.