How many of you are still doing First/Last/Deposit?

[JD Martin]

I'm curious how many other LLs still do first/last/deposit? We have always done it that way but I have had some anecdotal information from potential tenants the last few rentals that more places are only starting to ask for first and deposit. I live in a LL friendly state (Tennessee) but it still seems to me short-sighted not to collect last month's rent, as you then depend on the deposit for a non-payer while you evict them, and then hope there's no damage. 

What's your practice, and do you see any changes in this in your local market? 

Also, on the same subject: how many of you let the "last month" be the last month and then just go month to month with nothing but the deposit on record? For example: on a one-year lease, the last month is month 12. If the tenant is going month to month after that (you're not having them sign a new lease), do you have them remit a new "last month", push the previous last month into infinity (i.e. until they say they're moving), or just hope that because they've been a good tenant for the previous 11 months it's not an issue?

[Ray Harrell]

In Chicago very few landlords do security. Instead they charge a move-in fee. Reason being the laws and rules around security deposits are so strict, historically landlords ended up paying damages, so most opt for a move-in fee. Better areas that require a higher credit score will only charge first month's rent.