Is first and last months’ rent too much for a deposit to move into a house?

Answer

Most landlords charge first month’s rent and a security deposit. Some landlords add last month’s rent as well. First month’s rent covers the first month the tenant will live in the rental.

Cover damages

The security deposit covers any damages the tenant might do beyond normal wear and tear. Last month’s rent will cover the last month. Some landlords are concerned that their tenant will not pay the last month they are there and will collect this money upfront.

View mortgage rates in your city

Shop around

Since not all landlords collect last month’s rent, it’s a good idea to see what other area landlords are charging. You might wish to rent a place with lower upfront charges.

Share with friends
Next >> »
Numbermode.com Numbermode.com
Responsive Menu Clicked Image