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Updated almost 5 years ago on . Most recent reply
How should I structure a new lease agreement during curent crisis
Hello BP community
I currently have a townhouse i am ready to put on the market for rent and am wondering how i should structure the lease to protect myself during this crisis. I am considering only doing a 6 month lease with a double security deposit due plus first months rent. Is that crazy or illegal? I just want to protect myself in case i get a renter in there that I cannot evict. How are others structuring new leases during this crisis?
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Check your local landlord/tenant laws regarding the maximum security deposit. For instance here in Phoenix, the max security deposit is 1.5 times the rent, but a tenant can voluntarily pay more.
Secondly, you have to see things from a renters' eyes. Not sure what your area rents for, but how many people are going to have the money to put down 3 months of rent upfront and are willing to do so for a six month lease?