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Rentals in Winterville : Real Estate Advice

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  • Home Buying4
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Activity 2
Tue Apr 16, 2013
Karen Hanley, REALTORĀ® answered:
Mark:

Here is the most that can be charged for a security deposit:

The security deposit shall not exceed an amount equal to two weeks' rent if a tenancy is week to week, one and one-half months' rent if a tenancy is month to month, and two months' rent for terms greater than month to month.

So, if you are looking to sign a 1 year lease, you can anticipate the security deposit to be equal to or greater than one month's rent, but no more than two months' rent.

Let me know if you have other questions.
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Thu May 6, 2010
Joseph Hastings answered:
Hi Best1. Bankruptcy is tough to get away from. Most owners in my market (New York City) would require more money up front than the usual first month's rent and security deposit. Many owners may request six months plus security or the full years payment in total so as not to find themself with a deadbeat tenant who can only be sent packing through an eviction.

However, the old saying is true and all real estate is local so, owners in your area may be a bit more flexible especially if a vacant apt has been sitting empty for a while. I would suspect the renters credit has taken a severe hit. This is an indicator of one's ability to pay and owners will take note.

Lastly, I would expect any landlord to bump these renters for more money up front to protect their own interest. Good luck.
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