Is a 2 month security deposit for an apartment normal?

[Phokus]

I'm going to sign a lease in Stamford, CT for a space in a multi-family home... but they want 2 months deposit. Is that usual? I've only paid 1 month deposit before...

 

[RossMAN]

It depends on your credit history, past rental references and other factors such as income.

Our deposit was only one month's rent plus $500 refundable deposit which I think was reasonable.

 

[Throckmorton]

I've never paid any months deposit.

 

[Funyuns101]

I've heard of it... being the 1st and last month of rent. But this isn't a normal practice in my mind - sounds more like something a gym does to get your money.

 

[Deeko]

Three of my apartments were 1 month, one was 1.5 months, one was $99.

 

[Pepsi90919]

it's called a "first and last" here

 

[Queasy]

Yep. Sometimes it is just a security deposit for a certain amount of money. Sometimes it is one month's rent. Sometimes it is the first and last month's rent. Sometimes it is a combination between security deposit and rent.

Depends on the renter and likely your credit history.

 

[dudeman007]

2 months seems kind of steep...but its pretty usual to pay an early deposit for rent.

 

[mobobuff]

Originally posted by: Pepsi90919
it's called a "first and last" here

Meaning if you don't stay through your lease, you don't get all of your deposit back. Which doesn't necessarily mean they won't still hit you with accelerated rent.

My deposit was only $99 because I had good credit and landlord references.

 

[SampSon]

Sure it can be considered normal, depending on many different circumstances.

This kind of sounds like a typical first and last months rent, but I'm not sure it is. Security deposits you get back, first and last months rent you do not.

 

[Savij]

In a college area it's normal.

 

[Scouzer]

only a single month is legal here

 

[Trogdor91]

My last place was 2 months rent up front, plus a months rent security deposit. The 2 months went toward the lease so the last 2 months we didn't have to make a payment. As much as I didn't like it, it seems like a smart idea on the landlords part considering its a college town. This way, if the tenant doesn't pay, they can kick them out and still have rent for that month.

 

[Epic Fail]

Don't forget you can get interest from your deposit.

 

[HyTekJosh]

I'm from the Fairfield County CT area and my father is involved with real estate in the area. It is normal for first+last month rent due upon signing. That is in essence two months for deposit. Depending on circumstances, there may be an additional deposit.

 

[HyTekJosh]

Originally posted by: Trogdor91
This way, if the tenant doesn't pay, they can kick them out and still have rent for that month.

It is not as easy as you think to kick someone out. There are a number of laws relating to housing and eviction.

 

[Zugzwang152]

I think my state has a law that caps security deposits at one month's rent.

 

[WhoBeDaPlaya]

First time renter, had to pay a 2 month SD.

 

[zinfamous]

it happens, and from my experience, only shady management companies ask for this. maybe not so much shady, but companies that you don't want to deal with.

 

[WhoBeDaPlaya]

Originally posted by: zinfamous
it happens, and from my experience, only shady management companies ask for this. maybe not so much shady, but companies that you don't want to deal with.

Hunziker seems fine. Been happy with their QoS.

 

[Captante]

Originally posted by: Phokus
I'm going to sign a lease in Stamford, CT for a space in a multi-family home... but they want 2 months deposit. Is that usual? I've only paid 1 month deposit before...

Stamford is seriously pricy & competition for desireable rentals is tight ... 1.5 to 2 months up front is to be expected.

Welcome to Fairfield County!

 

[hans007]

it depends on the city. its all about the situation. its usually 1 month. when i lived in the LA most places were 1 month.


however at my current place it was only $500 which was less than half a month. (i live in near oakland , ca).

some of my friends who live in san francisco , say they hav ehad to pay things like 1 month for deposit plus the first and last months rent up front because so many people break leases in SF not to mention apartments are scarces and owners are well asses. seeing as some of my friends pay $2400 for a 2 bedroom place this adds up to like a $7000 up front payment. yes crazy.

 

[wwswimming]

no, it's not normal. i've only been asked for a 2 month deposit
once.

it's a way to make money on renters. it costs 25$ to dry-clean
some drapes; the property manager just might charge more than
that if they get the chance.

if you pay that much deposit, take pictures of the apartment
when you move in & hire a cleaner when you move out, &
take more pictures. then you will have receipts & pictures in
case they try to bilk you for the deposits.

 

[mrrman]

no....1 month is and usually that is stated in all rental agreements

 

[Special K]

Originally posted by: yamadakun
Don't forget you can get interest from your deposit.

Is this a law everywhere? Do you just ask them for it or what? I've never heard of this before.