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Updated about 8 years ago,
Collecting First, Last, Security
Hello Landlords,
I have a student rental in upstate NY and had a question about early security deposits. Students are on an academic calendar, and I always secure my students/tenants during the month of February for a June-June rental. Students always secure their off-campus housing for the upcoming academic year in February, so advertising early is a must. If students bail on a lease in May or June, I will not be able to fill the rental.
I usually collect first month, last month, and a security deposit a full three months before the move-in date. In the past I have taken a non-refundable $500 to secure the rental. I do worry, however, about students backing out last-minute, and was wondering how much of a deposit is legal to keep as a good faith on renting the property. Can I simply deposit the entire first/last/security and tell them this amount is non-refundable if they back out in June?
Thank you and all best.