--Rent and Security Deposits-- (continued)
The maximum deposit allowed on an unfurnshied property is not more than the amount of two months rent. The maximum deposit allowed on a furnished property is not more than the amount of three months rent. A security deposit also includes any charges imposed at the beginning of the tenancy to reimburse the landlord for costs associated with processing a new tenant, other than the application screening fees.
For example :
If rent on a 2-bedroom apartment is $900 per month and the landlord charged the tenant a $20 general processing fee, the maximum the landlord could collect up front is $2700.00. The landlord can charge $900 for the first month`s rent, $1,800.00 for the security deposit and nothingfor the general processing fee because it is considered part of the security deposit.
Eddy Martinez
Best Rate Funding - Direct Lender - Wholesale Rates
Senior Loan Consultant
Direct Line: 1-888-702-2225 x. 115
E- Fax :1-310-943-6551
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