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amount of deposit

Jennifer R

started a topic over 13 years ago

My husband and I are going to be renting out our townhouse in the state of Virginia. We were wondering the amount of deposit we should charge. What is usually done? First and last? Half rent for deposit and first months rent?

1 Comment

Eric D

said over 13 years ago

Be careful on the laws in your state. NH only allows you to collect the first months rent and Security deposit of $100 or one months rent, whichever is greater. Obviously it's the one month rent -- however if you charge more or try to collect more than that, the tenant can come after you in court for additional damages. I do not know of any states where the security deposit is under 1 months rent. Good luck on your endeavor and definitely do your due diligence as if you were starting a business!