Security Deposit increase or not?
Hi, This is my first time renting out an apartment and I wanted to know when you raise the rent do you also ask tenant to pay difference in security deposit to reflect rental increase? Thanks!
Hi,
This is my first time renting out an apartment and I wanted to know when you raise the rent do you also ask tenant to pay difference in security deposit to reflect rental increase?
Thanks!
To 4:49pm
If you were renting from a giant management company, you would have to pay the raise for the rent and security deposit.
They do it to keep the accounts straight.
It is all very impersonal.
I’m a renter and when our landlords raised our rent (pretty minimally), WE suggested we should match the raise on last month & security deposit. It just made sense. We want to stay in our place a long long time. And when we finally leave, we won’t have to worry about what amount we’re supposed to get back — we’ll just always keep it pegged to our current rent. Yes, we’ll lose a few bucks on interest, but we love our landlords — it’s a good gesture & it keeps the books current. Maybe I’d feel differently if I was renting from a giant management co.
Definitely yes. 6:55 above has the right idea. As a landlord, protecting yourself doesn’t have to be unfriendly or nit-picky.
Thanks for all your comments.
I believe you can raise the security when you raise the rent because a new lease is in effect. When I lived in a large building my rent and deposit were increased at year-end. As a brownstone landlord I would never do this to a good tenant.
I’ve never been asked as a renter to give them $200 extra when the rent was raised by $200. That’s ridiculous and nitpicky.
^^and you’re an idiot. Name-calling doesn’t change the answer which is no.
Sandy
Yes, Sandy is a moron.
No.
You cannot raise the security deposit just because you raised the rent.
Sandy