How much to charge for damage deposit on rental home???

[Harriet Vane]

We are hoping to sign a lease tomorrow for a family to rent our home. What is normal to charge for damage deposit? I thought it was first and last month's rent??? Or do you charge an amount on top of that?

 

ETA: We signed this morning. We charged them the equivalent of a month's rent as a damage deposit.

Edited July 4, 2011 by strider

[Hillary in KS]

A lot of the places we rented (when we used to rent, maybe 5-8 years ago) charged first month, last month, and a deposit. The deposit was usually $500, or so.

[chepyl]

Every deposit we have paid, and what we charge on our rental, is equal to one month's rent. It is refundable, less damages. We also charge a pet deposit on approved pets. It OS enough to cover new carpet and a little more. Also refundable.

[Momof3littles]

Some states cap the total that can be held as a deposit (for ex, no more than 2 months of rent total can be held as the deposit). Double check the LL/tenant laws in your state to make sure you are in compliance.

[Mama2Many4]

In most states it can't exceed what a months rent would be equal to. It may even be all states.

 

I've always paid first months rent and a deposit equal to first months rent.

[Koerarmoca]

As a renter who moves a lot the norm is first/last/security security is usually = to 1 months rent. some only charge first + security = to firsts month. That is what it was with our current home.

[weddell]

We just rented out our house. We charged first month's rent and a security deposit equal to 1 month's rent.

[Pamela H in Texas]

We've always paid a deposit. It has really varied. Sometimes it's just a "good measure" amount (we come off *really* well in person so a lot of times people who weren't sure would do it really low for us). Other times it's been something like $500 or half the rent. And then there have been times it's been a full month's rent.

 

Then pet deposits run $150-300 with a portion non-refundable (as you really need to treat for fleas and do the carpets regardless of the animal's behavior, health, etc). Sometimes it is that much per animal. Sometimes it's period.

 

In our current place, we paid half the rent, no pet deposit.

[creekland]

We just rented out our house. We charged first month's rent and a security deposit equal to 1 month's rent.

 

This is what we charge and what we paid when we were renters. We also charge a $100 non refundable pet fee (one time fee) as we need to do extra cleaning and flea treatments when there are pets involved.

[rhrice3]

In looking for a house in FL and now leasing a home in another state in the last 3 years, we have found that 1st and last months rent plus deposit equal to rent which is totally refundable. We charge $300/pet with the notice that the carpet will be cleaned at their expense when the lease is up.

 

Hope this helps

ReneeR

[sgo95]

It must depend on the market you're in. We paid 2 mos rent as a security deposit in CT.

[RoughCollie]

We paid two month's rent: one for a refundable security deposit, and one for a refundable pet security deposit.

 

Some states require that these deposits be placed in a special bank account, and interest earned be paid to the renters on an annual basis.

 

First and last month's rent are rent payments, one made in advance, not security deposits. There may be a state law about how to handle the advance payment.

[Burger]

We have almost always paid one months rent as security deposit.

[Harriet Vane]

Thank you, folks. We ended up charging the equivalent of a month's rent to be the damage deposit.