First, Last and Security?

liadan

When we were last looking for apartments, we saw one we liked but the landlord wanted first, last and security. And there was a broker's fee. It was simply too much money up front.

Just wondering if anyone has ever run into this? Is it common? And if so, is it still in practice given the state of the economy?

For a $1500 a month apt, the cost would have been around $5,000.

Thanks!

whynot_31

with the state of the economy, there are far more people who want to rent (not fewer).

Granted, they have less cash to rent an apartment with ...but so far the landlords seem to have more power.

...sales are a different story, of course.

bikerchic650

i would negotiate if i were in your position. as a realtor and as a property owner, negotiations are always welcome.

z2009

there is other staff, landlord wants for apt $1200 but broker rents it for $1400 & for year landlord pays broker different on top of his commis. Basically all RE are crooks watch out

landlord

offer 1 month rent and 1 month security

garfunky

Subject: Re: First, Last and Security?

Liadan wrote: When we were last looking for apartments, we saw one we liked but the landlord wanted first, last and security. And there was a broker's fee. It was simply too much money up front.
Just wondering if anyone has ever run into this? Is it common? And if so, is it still in practice given the state of the economy?
For a $1500 a month apt, the cost would have been around $5,000.
Thanks!

ok heres the deal....
take a look around these boards and you will find many a thread where a tenant is stating they plan to move out and not pay last month. While there are landlords who screw people over , there are also tenants who screw people over. then add in the unintelligent tenant who insists on getting an answer regarding their security 4 months before theyve moved out. in the end the small landlord is terrified because of the horror stories theyve heard about people not paying last month and leaving a destroyed apt, and the nice tenant is similiarly horrified because of the stories theyve heard and may even do something not nice because of irrational fear,
the small landlord gets scared that he cannot afford to get stiffed like that
decides he must get 3 months in advance, and since he doesnt want tons of strangers calling him on his phone and showing up at his house at all hours , he asks an agent to deal with it.
and
in the end people like you end up getting asked to pay
1st last security and a month and half fee...

does that at least shed some light on where the extra "last month" is coming from?

armchair_warrior

i use to not take last month, but after a few tenants move out using their security as last month. leaving with some damages.

I learn my lesson.