standard rental deposit?
Hi, new landlord here. What’s the standard practice for security deposits in Brooklyn? First, last, plus deposit makes the most sense to me (from my perspective), but I will not ask for that if it’s out of the ordinary. Note, we will not be going through a broker to save them that fee, at least.
suedeshoes
in Landlord 12 years and 3 months ago
10
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10 replies
Rick | 12 years and 3 months ago
First, last and security. This makes it clear that security is not last months rent. Security is for damages only, not rent.
BSDOD | 12 years and 3 months ago
First month + security and use a broker
snowman2 | 12 years and 3 months ago
First, last and one month security if they are not paying a broker. First and one month security if they are paying a broker – which does not happen that frequently. It’s a very nice apt, great block, desireab;e neighborhood, slightly under market. No one has ever balked about it.
shahnandersen
in Landlord 12 years and 3 months ago
First month’s rent and one month’s security. Any we’ve never asked for an increase in security at lease renewal.
curiositykilledthecat | 12 years and 3 months ago
Interesting conclusions you draw there, brokelin. We ask for two months because we have really nice apartments that we offer for slightly below market in a great neighborhood. I don’t expect people are deadbeats, I expect that I have no idea who the really are, even with credit scores and references and bank balances.
We have had a series of excellent tenants over the last 15 years, and only one hasn’t gotten his full deposit back. We never have trouble finding great folks who understand that what we offer, and what we ask in return, is a good deal. Maybe you’ve passed on looking at one of our places because we ask for two months’, but based on your defensiveness and sweeping assumptions, I think that’s a good thing.
brokelin | 12 years and 3 months ago
As a sometimes renter, sometimes owner – I only rent from those who aks for first month’s rent and one month’s security – because I’m not stupid. Why tie up two months rent when there are plenty (most, I think) of landlords who only ask for one month’s security? It may be counterintuitive (to landlords who expect tenants to be deadbeats), but when you ask for two, you are likely eliminating the best tenants from your pool. I have always paid my bills on time and have 3 credit scores over 800, last time I checked. And I won’t consider your place if you want two months security. Because I’m smart with what I do with my money. The same habits that won’t let me pay my bills late also doesn’t let me tie up two month’s rent in a security deposit. Food for thought, I’d think. Pick tenants whose credit reports show they pay their bills on time, rather than ones who don’t, and you won’t need two months’ deposit. And slopegirl – I get why they’d rather pay a broker’s fee – since many have had landlords who treat their security as their personal piggy bank and don’t return it. (I’ve always used my security as my last month’s rent, with all of my landlords’ blessings, as I was always a great tenant, and no damage was ever done.) In my opinion, those who ask for two have a mentality that tenants will be deadbeats, and who wants a landlord with that attitude from the start.
slopegirl | 12 years and 3 months ago
One months rent is usual. You decide if you need first/last too. We did that first year we had rentals but found most tenants would rather do first /security and pay a broker, weirdly.
curiositykilledthecat | 12 years and 3 months ago
We take 2 months’ deposit in addition to the first month’s rent. Note this is a deposit, not last month’s rent. We also do not use a broker, so tenants don’t seem to mind the additional deposit. We hold it in a separate account and return it within a week of moveout.
guikazoid | 12 years and 3 months ago
we do first and security.
hbranty | 12 years and 3 months ago
we do first, last and security and we keep security in its own separate savings account…