Rentals in Stamford>Question Details

Debbie Nelson, Renter in Darien, CT

Is it common/normal in Stamford, CT to be asked to pay 2 months security deposit plus first month rent upfront?

Asked by Debbie Nelson, Darien, CT Mon Jan 21, 2013

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Lisa Jones’ answer
Hi Debbie,
In the state of Connecticut actually a landlord may hold the equivalent of two months rent Which can be either "a last months rent plus security" or simply a "security deposit" which is larger equivalent to two months rent. Any security deposit held must be held in a designated account that is an interest-bearing account. Don't get too excited, the new required interest rate is a measly .011%. The security deposit plus interest is then paid back to the tenant upon vacancy IF After an inspection of the premises is satisfactory In terms of the contract/lease. The landlord has a maximum of 30 days, from the date you vacate the premises, to return the security deposit with interest to you. If I am representing the landlord I almost always suggest that these funds be called security deposit. Another interesting fact is that the language of a Connecticut lease documents typically includes verbiage that says the security deposit is not to be considered or used as rent money. Therefore if a tenant did not pay their last months rent in theory the security deposit money would not be legally applied to that last months rent. Likewise tenant cannot call the landlord on their last month of tenancy and request that the securoty deposit be applied towards the last months rent and Iskip sending the rent check. Security deposit money is specifically earmarked only for damages caused to the dwelling by either neglect, negligence or misuse. But no matter how you slice it, when you enter into a new lease you have to come up with first months rent plus the equivalent of the other two months of rent (Whether you call that other equivalent of two months rent a security deposit or security deposit plus last months rent). I I hope this is helpful!
Feel free to call me anytime.
Sincerely,
Realtor Lisa Jones 203 – 218-6664
Web Reference: http://Www.lisajones.com
1 vote Thank Flag Link Mon Jan 21, 2013
Thank you! This was very helpful!
Flag Mon Jan 21, 2013
No more than 2 months security for the state of ct. So yes,
you can ask for no more than 2 months security and the
lst monhs rent is for the rent only.

There is a limit for l month if you are age 62 or older.
So if you are 62 or older...only l month security
can be taken by the landlord.

Anne
Anne Miller Real Estate
1 vote Thank Flag Link Mon Jan 21, 2013
Debbie

Hi. We wish we can add some new information regarding the security deposit question, however, everyone below has pretty much covered all there is to know.

Good luck!

The Garthman Team
0 votes Thank Flag Link Wed Apr 3, 2013
Yes - I would say 95% of MLS rentals ask for 1st Month's Rent + 2 month's security in Stamford. Makes any owner comfortable knowing their asset is protected with a substantial amount of security.
0 votes Thank Flag Link Mon Jan 21, 2013
Yes the State of Ct allows a maximum of 2 months security deposit if the tenant is under 62 years of age. " Under CT law,a security deposit is any advanced payment made by a tenant which ezceeds the first months rent".Hope this helps..................Chuck
0 votes Thank Flag Link Mon Jan 21, 2013
Thank you all for your quick and thorough replies! I really appreciate it!!!
0 votes Thank Flag Link Mon Jan 21, 2013
Yes - unless the tenant is older than 62. The security deposit can be no more than the equivalent of 2 months rent and is required to be held in a interest bearing escrow account, with both your name and the landlord's name. The first month's rent is what it is.
0 votes Thank Flag Link Mon Jan 21, 2013
Yes. The security deposit is placed in an interest bearing account and returned to you at the end of the lease if there are no damages.
0 votes Thank Flag Link Mon Jan 21, 2013
How Large A Security Deposit Can A Landlord Require?

My esteemed colleague Anne Miller has the correct answer!

Landlords can't require more than two months rent as a security deposit. This limit is reduced to one month's rent if a tenant is 62 years of age or older.

See the linked web reference.

Samuel Gabe
Halstead Property
Licensed Realtor®
0 votes Thank Flag Link Mon Jan 21, 2013
You are very welcome Debbie. If I can be of further help to you do not hesitate to contact me. -Sam
671 Boston Post Road, Darien, CT 06820
t: 203.656.6518 | c: 203.856.8399
Flag Mon Jan 21, 2013
Thank you for your reply!
Flag Mon Jan 21, 2013
Hi Debbie,

CT allows the collection of a total of 3 months’ rent upfront. It can be used in a variety of ways, first month’s rent and 2 as security, first and last month's rent with one as security etc. However for 62 and older the allowed total drops to 2 months.

Occasionally if everything else looks great, a landlord will allow the tenant to split the second month's security into 2 portions payable in succeeding months but that is a rarity.

Good luck, Jay Cooke
0 votes Thank Flag Link Mon Jan 21, 2013
It's common practice, however, if you are over the age of 62 or older they can only collect one month security. A landlord can collect no more than two months security and first months rent. You can request a reduced security deposit. Under Connecticut law, a security deposit is any advanced payment made by a tenant which exceeds the first month's rent. It does not matter whether the advanced payment is called a "last month's rent," "pet deposit," etc. Whatever money a landlord takes from a tenant exceeding the first month's rent, will be security deposit under Connecticut law.
0 votes Thank Flag Link Mon Jan 21, 2013
Hi Debbie,
Yes, it is the "norm" to pay 2 months security deposit and the first month's rent at lease signing. There are some managed condominium complexes not listed on the MLS that require a lower security deposit ($1000 or one month's rent) but most ask for an additional pet deposit (if you have a pet) and often times a garbage removal fee and/or amenities fees is also applied. However; most instances it still ends up being less than two months rent.

Best wishes!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Mon Jan 21, 2013
Hi Debbie
This is very common. Especially with properties listed on MLS systems.

Best
Andrew
http://www.andrewdavisct.com
0 votes Thank Flag Link Mon Jan 21, 2013
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