Hello all. I have founf a house I am about to take on. Its 32,000 a month rent and the landlord is asking for 32,000 as a deposit. This does not include last months rent..... I have the deposit back oin the day I leave.

The house is only partialy furnished though it does have a nice kitchen and some appliances. But I dont know if 32K as a deposit is a little heavy? Surely 10 to 15,000 would be sufficient?

Any thoughts on this?

Thanks

CO

they normally ask 2 monhts deposit if its a 12 month contract and 1 monht if its 6 monhts (with higher rent)

I concur --- you are unlikely to pay less than 1 month deposit. The standard is 2 months on an annual lease.

I can not count the number of people I know who've been screwed out of their deposit by "nice" landlords. Seems the higher the rent, the more likely to be ripped off.

I know one guy who lost 50,000 and his attorney screwed things up so badly he eventually lost closer to 80k.

Make sure your agreement is airtight and on your side. Many say they have 30 days to return the deposit. No way. Walk-through, then pay me.

If you are not comfortable with giving a deposit, buy your own condo unit.

If you are not comfortable with giving a deposit, buy your own condo unit.

Stunning advice. Very helpful!!

OP, We just paid a full 1 month's rent as deposit on a nice new condo which will not be used as the last month's rent, I think this is pretty good considering a few of the owners here wanted 2 months even on a 6 month contract. Another (much cheaper) apartment we run we had to pay the last month's rent and a set deposit which was about 1.5x a month's rent.

Deposits are not just to cover damage, but also outstanding utiltity bills

which do not come through for a month or more.

This makes landlords dubious about returning the deposit as you leave the property.

I think one month is quite fair. I've lived all over the world and every place asks for at least one month security deposit. 15,000 would be less than half a month in your case. I don't think that would be acceptable anywhere. As to whether you'll get it back when you move out... I don't know. I never do because I have three dogs and there's always something in the house that needs to be replaced by the time I move out!