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Updated over 1 year ago on . Most recent reply

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David P.
  • Rental Property Investor
  • Chicago, IL
5
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26
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Security deposit/moving fee

David P.
  • Rental Property Investor
  • Chicago, IL
Posted

I have my 2 tenants going on two years with both deposits. I want to switch over to non refundable moving fee is it to late for me to do this? What actions should I take?

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Andrew B.
  • Rockaway, NJ
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Andrew B.
  • Rockaway, NJ
Replied
Quote from @David P.:

@Nathan Gesner I agree I do want to switch from deposit to moving fee would it be wrong of me to do this with my current tenants


 It would be incredibly strange to apply a move in fee to a tenant that already moved in. Imagine you're the tenant, you're living there without issues and one day your landlord says "I need you to pay me an extra $500-$1,000 when your lease renews." You would probably think he is an a*hole and you might consider getting the hell out. 

You can charge them a fee when the lease is up for renewal, but I would recommend you wait until you get a new tenant so you can include that info in your rental advertising. 

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