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Objective: find a renter

March 26th, 2013 at 09:20 am

I've been a little slack on my condo lately. I haven't been trying too hard to find a new tenant, and I need to get on it. That will be my goal for Spring Break, to get a tenant. My last guy moved out in the beginning of March.

I've had several calls for the place, but I've noticed a pattern. People are really concerned about the security deposit! I've never had anyone blink an eye at it in the past. It is pretty common to expect one month's rent for security deposit, isn't it? Yet lately when people call and ask about the deposit, that seems to be the deal breaker. Can it really be that people don't have one month's rent in reserve somewhere? I don't want to lower the deposit amount, because that money is there for security for taking them on as a tenant, in case of damage or failure to pay. My take is that if the potential tenant has trouble scraping together enough money for a month of rent and a security deposit, they probably aren't going to be dream tenants who pay timely.

6 Responses to “Objective: find a renter”

  1. Househopeful Says:
    1364301063

    Yeah - I can definitely see the security deposit making cash strapped people balk. Especially if their current one is tied up in the old place and they may/may not get it back. However, you do want renters who can handle the deposit Smile

  2. creditcardfree Says:
    1364302821

    I wouldn't change that deposit either for the same reason Househopeful mentioned. Good luck...maybe you can provide some other incentive. A restaurant gift card after 3 months of on time rent. Just something different to get your place noticed. Of course, I'm not an expert on this.

  3. snafu Says:
    1364311926

    That security deposit is a standard framework of the lease agreement for every renter as protection for both landlord and tenant. Some renters are smacked hard because they must pay a deposit for utilities on top of the fees, truck rental and cleaner fees.

    I wouldn't like renting to someone unable to meet that basic requirement. I might flex with a 'key' charge if it's about the 10-12 business days until they get their current damage deposit back but only if they clearly undertand the key fee is non refundable. It's important to call their current landlord, employer, & third person for reference to confirm details. If you have access to credit rating services, I'd check that information first. Years ago when I managed a small apartment complex I insisted prospective renters bring a letter from employer with length of time of employment, position, and annual salary when they came to view the suite.

  4. pretty cheap jewelry Says:
    1364314238

    we also have a rental house (bigger investment) that requires deposit of one month. I remember as a new college grad it was alot of $$ to give out when starting a rental (first, security, etc.). But had to do it.

  5. LuckyRobin Says:
    1364328848

    Maybe you can let them pay the deposit over time? Like $100 a month until the deposit is met? Maybe with a one year lease. That might help. I think a lot of people are living paycheck to paycheck in this economy so it very well may be a deal breaker.

  6. FrugalTexan75 Says:
    1364339131

    Every place I've ever rented has required at least a one-month security deposit - even here where I technically don't pay rent, I still had to put down a security deposit. It really shouldn't even be a question in prospective renter's minds.

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