Landlord Question and Answer Forum
My husband and I are going to be renting out our townhouse in the state of Virginia. We were wondering the amount of deposit we should charge. What is usually done? First and last? Half rent for deposit and first months rent?
Jennifer R, VA on Friday, June 3, 2011
RE: amount of deposit
Charge the first month's rent, the security deposit (usually 1-2 months' rent), and if you can, the last month's rent as well at the time of signing the lease agreement.
Posted by
Gregory T, CA
on
Tuesday, June 14, 2011
RE: amount of deposit
Be careful on the laws in your state. NH only allows you to collect the first months rent and Security deposit of $100 or one months rent, whichever is greater. Obviously it's the one month rent -- however if you charge more or try to collect more than that, the tenant can come after you in court for additional damages. I do not know of any states where the security deposit is under 1 months rent. Good luck on your endeavor and definitely do your due diligence as if you were starting a business!
Posted by
Eric D, NH
on
Saturday, June 18, 2011
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