Tenant concerns about security deposit & last month's rent

[Jon Kelly]

Hello, I'm very close to securing my first tenant and he happens to be a grad school student. I am asking him to pay first & last month's rent and a security deposit up-front. I understand that this may be a lot of money for a college student to come up with. I'm wondering if other landlords have been in this situation and did you allow any flexibility with the up-front payments? 

Thanks, 

Jon 

[Rich N.]

another option I have done is take less of a sec dep but to have something so they can't apply all of it to last month.  example: normally 1K, 1K, 1K instead take 1K, 1K and 500...again for a good tenant or grad student (not to say grad student is good...just not undergraduate).