I am getting an apartment this summer and found one that I really liked. The problem is that the innkeeper is requiring 5 months rent upfront. The reason they provided is that I am a student and they want a guarantee if I can't wages. I know that this is not standard.but is it legal? Someone I talk to mentioned that it might be illegal because of the unreasonable amount they want. Any thoughts appreciated!
Answers: This is not legally recognized in CA. They will not hold to rent to you though.
You do not mention what state you are looking to rent in.
In California that amount would be private.
For security deposit for an unfurnished apartment the allowable warranty deposit would be 2 1/2 times the rent with a furnished apartment the max. would be 3 times the rental amount.
If you surpass there credit criteria (credit checks) and you can overrun the income criteria. Then they can not ask for that many months within advance.
If you are a full time student later you can have your parents write a dispatch that they are guaranteen your income while you are in arts school.
Every state has different law regarding this open-handed of thing. See if your city have a Housing Authority (sometimes they go by different names). They are aware of the law for the area and mediate landlord/tenant issues. They can probably let somebody know you if this is legal or not. 5 months seem a bit steep. 3 months is still a lot but would be a touch more acceptable.
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Answers: This is not legally recognized in CA. They will not hold to rent to you though.
Help! First time homebuyer have trouble beside Underwriter.?
You do not mention what state you are looking to rent in.
In California that amount would be private.
For security deposit for an unfurnished apartment the allowable warranty deposit would be 2 1/2 times the rent with a furnished apartment the max. would be 3 times the rental amount.
If you surpass there credit criteria (credit checks) and you can overrun the income criteria. Then they can not ask for that many months within advance.
If you are a full time student later you can have your parents write a dispatch that they are guaranteen your income while you are in arts school.
I took over a lease to a house?
Every state has different law regarding this open-handed of thing. See if your city have a Housing Authority (sometimes they go by different names). They are aware of the law for the area and mediate landlord/tenant issues. They can probably let somebody know you if this is legal or not. 5 months seem a bit steep. 3 months is still a lot but would be a touch more acceptable.
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