Ever have a tenant think their security deposit equals their last monthly rental payment?
We have.
We put a stop to it with this clause in our lease.
“It is understood that the security deposit is NOT an advance payment of monthly rent. If Tenant tries to use security deposit as last months rent, an eviction will be immediately filed.”
This simple clause seems to work well for us.
Use it in your lease today!
Want to learn more about what needs to be in your lease? Stay tuned for Episode 3 of the Smarterlandlording Podcast. Coming soon!
Kevin,
I understand that a tenant should not use their security deposit as their last month rent, and by adding this suggested clause to the lease may put a stop to it, however if the tenant is leaving anyway, I do not see that an eviction notice is going to change much because an eviction process takes few months anyway and they know that !, one way I’ve got around to it is by asking for a month 1/2 security deposit and I let the tenant know that I will be providing payment history references as requested.
Regards,
Dennis
Dennis,
I see your point.
I suppose the threat of eviction works for us. Even if they do leave, the eviction will follow them. It will catch up to them at some point.
Thanks for reading and sharing your ideas,
Kevin