Would you pay 2 months deposit?

Tarzana

Brussels Sprout wrote: »

If there was a third party body holding the rent, like there is in the UK I'd be happier about this

mirrorwall14 wrote: »

If the landlord was willing to place the deposit with a neutral third party such as a solicitor (at his expense) then I'd have no problem with it. Otherwise, not a chance.

Yep, this is the only way I'd be happy with the situation also.

I'd be very reluctant to hand over two month's deposit otherwise. Really hope it doesn't become standard. At the moment, a person would be safe enough finding somewhere else, but if all landlords decide to go this route then people will have no choice.

Tarzana

davo10 wrote: »

But how do LLs know if a tenant is good? A s**t tenant has far more rights and protection from eviction than a LL has.

How does a tenant know a landlord is good?

Prospective tenants are asked for references as standard these days. Landlords don't have to provide references. Hence a reluctance on the part of many to hand over more than one month's rent.

ardle1

Brussels Sprout wrote: »

I've just looked at an apartment in Cork which I'd definitely consider renting. However, the landlord wants two months rent as a deposit (and a month's rent paid in advance). I queried him on this as I thought that one month was the standard and he replied "I don't want to keep your money. I just want to make sure that I get it back the way I gave it out".

If there was a third party body holding the rent, like there is in the UK I'd be happier about this but I'm really uncertain about this. It seems I have to place a lot of trust in him that he'll be honest at the end of the tenancy.

Have people experienced this before? Would you pay 2 months rent as a deposit?

Nah, not in Cork! now if it was in Dundalk, I'd gladly pay 6 Months in advance. The Town bloody rocks, and the Ladies are GORGEOUS
C'mon De Town:D






Oh sh!t forgive me, I thought I was still in AH...... eh sorry I'll eh just tip on:o

anothernight

Tarzana wrote: »

How does a tenant know a landlord is good?

Prospective tenants are asked for references as standard these days. Landlords don't have to provide references. Hence a reluctance on the part of many to hand over more than one month's rent.

However, tenants have the freedom to move if they decide they don't like the landlord. Landlords have basically no way to protect themselves if the tenant decides that paying rent is too much hassle and that it would be lovely to destroy the property... (happened to me. Horrible thing to deal with).

JustAddWater

handlemaster wrote: »

Two months should be standard. A months rent does'nt cover much when damage occurs not to mention hassle of organising the clean up etc. Then theres the time period it cant be rented.

so 1250 rent means you want 2.5k and another 1250 just to move in? ...

thanks, but no thanks

Dravokivich

Couldnt afford to do it.

Grandpa Hassan

JustAddWater wrote: »

so 1250 rent means you want 2.5k and another 1250 just to move in? ...

thanks, but no thanks

Try renting through an agent in London. 1250 rent means that you could be 6,250 down for a couple of weeks when you move house. 2 months deposit on the previous place that you don't get back straight away, and 2 months plus a month in advance on the new place. Money is held independently, but still is a lot of cash

jester77

3 months deposit is standard here, plus 1 months rent up front and 2.6 months rent to the agent. The difference is that your deposit is put into a special account where neither the landlord or the tenant have access to without both signatures. Plus it will also earn interest while it is sitting there. Much better system than having a landlord just putting it into his own account and then hoping he will be honest enough to return it and then without interest.

The_Conductor

Bepolite wrote: »

I'll be looking for the American system. First, Last and a security deposit. That's over €3K and I expect to have people ripping my arm off.

You still only have a month's deposit- which has been proven not to be sufficient to cover much in the way of damage.

If you're going down the road of a single month's deposit- you shouldn't let the property furnished, it should be stripped and repainted at the elapse of each tenancy- and handed back to the landlord, as a blank canvas, properly painted in neutral colours (and if they bollox up the painting- it comes out of the deposit).

Standard on the continent- is 3 months deposit, the deposit is held in escrow, the apartment is let unfurnished, you paint and return it to the escrow agent when the tenancy is up- and the escrow agent- an independent person- has an inventory for the apartment, and does the inspection.

A single month's deposit- doesn't cut it- but nor does the landlord doing the inspection and having control of the deposit.

noodler

If you ask such questions on a forum frequented by amateur landlords then you are going to have to expect some of the responses OP.

I have been keeping an eye on Daft for about 3 months for new rental properties (in specific areas and values in fainress) and haven't seen a single ad asking for two months deposit.

I think this is a case of LLs wanting two months to be the norm so they respond that it IS rapidly becoming the norm.

Giblet

Absolutely not the norm. Moving from one place to another and being asked to hand over nearly 5k for a 2 bed, into the landlords hand? Might as well save for a deposit for a house.

Yakuza42

I'm living in Denmark at the moment, the norm is to pay the first month's rent, plus a month in hand, plus three month's deposit. My rent is around 420 so I got stung for over two grand. My landlord has a good history of giving tenants back there whole deposit, having said that, it's normal for a landlord to repaint a whole house after changing tenants, at the tenants expense.

Tarzana

anothernight wrote: »

However, tenants have the freedom to move if they decide they don't like the landlord. Landlords have basically no way to protect themselves if the tenant decides that paying rent is too much hassle and that it would be lovely to destroy the property... (happened to me. Horrible thing to deal with).

Aye, but it's still too much money to hand over to a landlord to pop into their own account with just their word.

Tarzana

noodler wrote: »

I think this is a case of LLs wanting two months to be the norm so they respond that it IS rapidly becoming the norm.

Definitely think there's something in this.

Bepolite

The law needs to be changed so that deposits are held in interest bearing accounts and their return adjudicated by a third party.

Every word typed on this thread could have been a word on a page to your local TD. If you want it changed, do something about it.

davo10

JustAddWater wrote: »

so 1250 rent means you want 2.5k and another 1250 just to move in? ...

thanks, but no thanks

And the LL says, "no prob, now PFO"

Noodler, being a LL is like being pregnant, either you are or you aren't. Protecting your property isn't amateurish, it's prudent and I bet the LLs taking 2 months deposit have a history of being burned by tenants.

Like all things, do or don't, your decision.

Michael D Not Higgins

noodler wrote: »

If you ask such questions on a forum frequented by amateur landlords then you are going to have to expect some of the responses OP.

I have been keeping an eye on Daft for about 3 months for new rental properties (in specific areas and values in fainress) and haven't seen a single ad asking for two months deposit.

I think this is a case of LLs wanting two months to be the norm so they respond that it IS rapidly becoming the norm.

Don't think I've ever seen an ad that specified the deposit amount.

davo10

Michael D Not Higgins wrote: »

Don't think I've ever seen an ad that specified the deposit amount.

Just checked a few places in various parts of Dublin/country, no mention of deposit amount.

OldNotWIse

No.

Michael D Not Higgins

I paid fracationally over the month's rent amount as the deposit, which I think is a token measure to stop people using it as the last month's rent. There is however a tenancy deposit scheme here and I'd be happy paying two month's deposit as I don't have any reservations on getting it back.

noodler

Michael D Not Higgins wrote: »

Don't think I've ever seen an ad that specified the deposit amount.

davo10 wrote: »

Just checked a few places in various parts of Dublin/country, no mention of deposit amount.

One month's deposit is advertised quite often and, in my experience of course, when it is not advertised it winds up being one month anyway after further discussion.

Michael D Not Higgins

noodler wrote: »

One month's deposit is advertised quite often and, in my experience of course, when it is not advertised it winds up being one month anyway after further discussion.

Just did a search on daft for deposit in Dublin. Most specifying one month deposit (or implying as such) and a surprising amount of the high class apartments offering 50% month's deposit.
http://www.daft.ie/lettings/vantage-apartments-central-park-leopardstown-roa-sandyford-dublin/1466542/

http://www.daft.ie/lettings/alto-vetro-grand-canal-dock-dublin-2-dublin/1469779/

Edit: for that search it came back with 79 results in Dublin out of over 2000 available in Dublin, so it's not advertised that often, as it's almost expected that it's one month's deposit.

davo10

noodler wrote: »

One month's deposit is advertised quite often and, in my experience of course, when it is not advertised it winds up being one month anyway after further discussion.

That would seem to be changing and as it is now becoming a condition of the lease, it's either yah or nah.

This is the Governments fault for not legislating for these types of problems. Both parties a vulnerable and can be taken advantage of, but as that article in last weeks paper stated, a delinquent tenant can stay up to 18 months and a LL can do f all about it. So I and many others want to get as much protection as possible.

Magicmatilda

I don't see the problem once yu get a receipt. If he doesn't return it you can go to the PRTB, I know that takes time but if you can afford it and you like the place then why not. I've rented for years, had 10 landlords and only 1 was dodgy, too be honst I was too young to realise how dodgy and I could have and should have gone through PRTB.

Eldarion

If I had a property who had 20+ ideal candidates lined up and willing to pay 2 months deposit then why wouldn't I ask for it? It's reassuring about the tenant's financial stability if nothing else.

The position of power is with the Landlord in this situation just as it is with any other service in a capitalist based economy. Getting irate over this is madness. Voice your displeasure with your feet, but as long as there's at least 1 other candidate unwilling to do the same then your footsteps will go unheard and the landlord won't think twice about you.

the_syco

The_Conductor wrote: »

2 or even 3 month's deposit is rapidly becoming the norm here.

Would it be rude asking for the landlords bank statements to ensure he has the capital to return it at the end of the tenancy, and that he's not about to go bankrupt and wash his hands of the deposit?

It may be becoming standard, but it seems it's also becoming common to notify the tenant that the house has been repossessed, and they no longer have enough money to give the tenant the deposit.

Bepolite

the_syco wrote: »

Would it be rude asking for the landlords bank statements to ensure he has the capital to return it at the end of the tenancy, and that he's not about to go bankrupt and wash his hands of the deposit?

It may be becoming standard, but it seems it's also becoming common to notify the tenant that the house has been repossessed, and they no longer have enough money to give the tenant the deposit.

Not rude at all but as it's a landlord market out there at the moment, and the law in desperate need of reform, I'd expect short shrift.

One might get further requesting escrow?

quietsailor

I rented to a lot of German and french students and to reassure their parents I would put the money in a 30 day notice account that they could see a statement any time they requested or their children could come to the bank with me and view the balance.

No-one ever asked but the option was there if they wanted

Tarzana

Eldarion wrote: »

If I had a property who had 20+ ideal candidates lined up and willing to pay 2 months deposit then why wouldn't I ask for it? It's reassuring about the tenant's financial stability if nothing else.

The position of power is with the Landlord in this situation just as it is with any other service in a capitalist based economy. Getting irate over this is madness. Voice your displeasure with your feet, but as long as there's at least 1 other candidate unwilling to do the same then your footsteps will go unheard and the landlord won't think twice about you.

Conversely if the market turns, landlords won't be able to demand this anymore.

Tarzana

the_syco wrote: »

Would it be rude asking for the landlords bank statements to ensure he has the capital to return it at the end of the tenancy, and that he's not about to go bankrupt and wash his hands of the deposit?

Some landlords ask to see tenant's bank statements, so it should be fine the other way too, IMO.