security deposit amount

[littlehuey]

We are looking at homes and condos to rent,
but some of the security deposits are very
high. Can they charge a high amount for the
deposit. Example = Monthly rent is 1250.00
and the deposit is 2500.00 so the total move
in price is 3750.00, this seems a little high
and looks like it is 3 months rent. Any help
would be nice. We live in California.

 

[Tracey]

Are you sure it's 2500 deposit & not 1250 deposit + 1250 for last month's rent? If it's really all deposit, check with the local tenant's union and/or city ordinances to see if there's a cap on the amount L can demand as a deposit. Many states limit the deposit to 1 1/2 month's rent.

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This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws.

 

[littlehuey]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Tracey:
Are you sure it's 2500 deposit & not 1250 deposit + 1250 for last month's rent? If it's really all deposit, check with the local tenant's union and/or city ordinances to see if there's a cap on the amount L can demand as a deposit. Many states limit the deposit to 1 1/2 month's rent.

<HR></BLOCKQUOTE>Yes it is really $2500.00 just for the deposit, and this was not the first place that asked for a large amount, another one wanted total move in price of $4200.00 and the monthly rent was only $1300.00. And thank you for your advice I will check on the laws for california. Also the persons asking for the deposits are real estate agents, I am sure they know how much can be asked for on deposits, but I will still check on what you adviced. Thanks

 

[MissMelissa24]

I believe in California the maximum deposit they can charge is twice the monthly rent. Unfortunately in this case it looks like they have taken it to this extreme. I got that info from Springstreet.com.

Good luck on your housing search! It's no fun here in California, I know!
Melissa

 

[littlehuey]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by MissMelissa24:
I believe in California the maximum deposit they can charge is twice the monthly rent. Unfortunately in this case it looks like they have taken it to this extreme. I got that info from Springstreet.com.

Good luck on your housing search! It's no fun here in California, I know!
Melissa<HR></BLOCKQUOTE>Thank you very much for the info. I will check this also. And yes it
is not that fun in California (Rent is to Much)Thanks