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!
no
Yes. It has nothing to do with being nice, trust, or whether your tenants are good tenants. It’s a matter of having coverage for the current state of the rent. It’s much simpler to keep it simple and stick with a system, than to weigh each situation on some personal basis. You never know which tenancy will turn bad, and believe me, you never know. Be friendly with your tenant, treat them well, take care of your building, and don’t give yourself any exposure you don’t need to take on. No tenant of mine has ever been surprised at keeping their security up to date over time. Good luck.
As a tenant, I had no idea that we held so much power. I would expect to pay an addition to the deposit so that it matched the new monthly rent. But, I have always lived in older RS buildings.
I have always been asked to pay an additional amount in security when my rent is increased, so I don’t think its unusual.
No. Im a landlord
If you have good tenants, you shouldn’t bother. And as long as they are good tenants, you should be hesitant to raise the rent unless expenses associated with the apartment have dramatically risen.
I have tenants from HEAVEN, and I wouldn’t dream of raising their rent but if I did, I would NOT ask for additional deposit.
I haven’t done this as a landlord, but when I was a renter the big management companies always made me pay additional security when the rent increased. I guess if you trust your tenants and you’re happy they’re renewing, maybe it’s not such a big deal. If you’re increasing the rent because you’ve made improvements that are at risk of damage, obviously you should collect the extra security.
no.
yes.