Real Estate Community Forum

I am in the process of renting out an apartment. I realize it is customary to ask for a security deposit from a tenant. However, does anyone here know how much of a security deposit is usually requested from a tenant? I assume it's one moths rent, but can it be more if the property has just been remodeled?

Also, how soon must a landlord receive the security deposit? Can a tenant move in and later pay for the security deposit 2-3 months later?

This is your apartment so it is up to you to decide what is reasonable. There are specific laws associated with how you keep the security deposit. It may have to be placed in an interest bearing account/ in escrow during the rental period. Therefore do your homework.

I have seen instances where landlords charge 2 months security plus additional security for other items such as pets or a pool as these could cause damage or need to be maintained.

I would check your local magistrate to determine what rules you need to comply with.

Good Luck

A security deposit is usually one month's rent, but it can be more. In addition, if the building has more than six units, the landlord must put the money into an interest bearing account. The interest which this money may accumulate will belong to the tenant. If the building is less than six units, the landlord can still deposit the money into an interest bearing account, but is not required. If the landlord decides to do so, he or she should pay the tenant the interest. The landlord in either situation is allowed to keep 1% of the interest for expenses. As the landlord, you should inform the tenant of this procedure before they move in so there will be no misunderstanding.