Seeking Advice re Rental Deposit

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Thankful_Renter_IHB

New member
I'm looking to rent a SFR while I wait out the market and need some advice.



(1) Does a $5,500 deposit (including a $1,000 pet deposit for two dogs) sound high for a property that rents out for $3,600 per month? My experience has always been that a normal security is equal to one month's rent plus an additional pet deposit, but the realtor is insisting that is not market for a SFR and my experience is almost entirely comprised of dealings with large apartment communities.



(2) Given the present state of the real estate market and the economy, I'm a little concerned about the possibility that the "owner" could end up in bankruptcy. (I don't have any specific reason to be concerned about the "owner's" financial health, it's just a general concern.) Does anyone know of a way to set up a simple escrow account that would protect my deposit from the claims of the "owner's" creditors? Any other ideas?



Thanks!
 
Go to the tax assessor's website and plug in the address. That will tell you if the owner is delinquent on property taxes.....those are usually the first to go unpaid if the property is going into foreclosure.



<em>?No matter what it?s called, the total amount the landlord can charge for all the deposits (including last month?s rent) is twice the amount of one month?s rent for an unfurnished place or three times one month?s rent for a furnished place.</em>



<a href="http://www.sftu.org/deposit.html">Legal mumbo jumbo</a>
 
Dude, do a search here and on the blog. There have been many people who have been screwed by homedebtors. You really need to do your own due diligence, otherwise you will hate googling "rent skimming" after the fact.
 
If you are in Orange County, CA, then you can use this <a href="http://www.ttc.ocgov.com/tcweb/search_page.asp">tax collector's website</a> to find out if the owner is current on their taxes.



<a href="http://www.thelpa.com/lpa/landlord-tenant-law/california-security-depost-law.html">Not all states require that the deposit for a rental be put in an interest bearing account. </a>

Interest on Deposit In California, except for a few cities such as Berkeley, Santa Monica, Oakland, Alameda, and San Francisco, the landlord is <strong>not</strong> required to pay interest on a tenant's security deposit.
 
We're renting a 4 bd/2.5 bth SFR in Irvine and our landlord required the equivalent of one month's rent for the security deposit. $5,500 seems pretty high to me.
 
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