I've been renting for approximately 2 years and was informed last month that a $300 increase in my security deposit is required with my next month's rent. Is this legal? The propoerty was sold about six months ago and I'm on a month-to-month lease which the only option given. I know they can raise the rent but can they also raise the security deposit?
The amount that the landlord is entitled to charge as a security deposit depends on the laws in your location. If you are in the US go to http://realestate.findlaw.com/tenant to read about security deposits in general. Then click on the Resources link to get the security deposit rules for your state.
Are they perhaps giving you a 30 day notice that they intend to invoke a new rental agreement. A new agreement could ask for new rent and/or new deposit amounts,
If you are on a 30 day ( month to month) agreement they merely have to give you a 30 day notice to move you out.
some states may have requirements or restrictions, but unless you have a written lease or rental agreement that restircts this, I would say they can get by with it ( if you let them, have you tried sawying "NO' and see what they say)
It is common practice to have the security deposit matching the rent amount; however, like already stated above, it all depends on the "fine print" of your rental agreement! Good Luck, please let us know what you find out!
Hi,
Buy-outs and Sell-outs of companies and businesses result in changes in operating procedures and costs.
I am almost sure, that since you are on a month-to-month pay, then they can raise your security deposit.
Your only other alternative might be to move somewhere else.
I do wish you the best, and good luck.
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