CA considering bill to limit deposits to 1 month
I've done 2 months personally (first and last), but most of my places have done 1 month. 3 is insane.
What has everyone else been seeing?
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Everywhere I've lived except my current place has wanted First + Last as a deposit. Current place just wanted one month.
The apartment I used to live at only wanted a $500 deposit - rent was around $3300/month. This was an apartment complex owned by a large company (Equity Residential) so honestly it confused me as I thought they'd try to squeeze as much money as possible from tenants. They did that for rent increases - the increases were always the maximum allowed by law (5% + CPI, capped at 10%), down to the cent.
2 months is pretty typical, and 1 is not long enough to cover the cost of an eviction.
If you prevent landlords from taking a deposit big enough to cover the real cost of a bad tenant, they will protect themselves by discriminating against rental applicants.