im renting my propert at 500 pcm, should i ask for a months rent deposit or a month an a halfs rent,?

Question

does this mean my tenant will be paying 1000/1250 upfront on moving in ?

Answer 1

You should always have a deposit in case of any damages, and this must be protected in a one of three DPS schemes.

Answer 2

Ultimately, it is your choice - you can ask for as much deposit as you want/the market will stand*.



Tenants who can afford a decent deposit tend to be those who are more financially secure - and therefore you are likely to have less problems, or if you do, you are more likely to be able to come to a satisfactory solution.



However, your property may not attract such financially secure tenants, if your target market is benefit claimants then it would be even more essential to get a big deposit - but the market will force you to accept less.



*You can sk for as much deposit as you like, but if the deposit is more than 2 months rent the tenant has an automatic right to assign the tenancy to someone else without your permission. It's not a major issue, but you should be aware of it.

Answer 3

Deposit and 1st months rent. More than likely, if you ask for deposit, first, and last months rent, people won't rent because its too much to get moved in and some people like to be moved in as soon as possible. I made sure I shyed away from landlords that made this because i needed to move in as soon as possible. It would be smart to prorate 1st months rent if necessary-for example, if you ALWAYS collect rent on the 1st of the month, and they move in in the middle of the month.