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    rkt's Avatar
    rkt Posts: 1, Reputation: 1
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    #1

    Feb 22, 2006, 04:14 PM
    Security deposit increase?
    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?
    mr.yet's Avatar
    mr.yet Posts: 1,725, Reputation: 176
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    #2

    Feb 22, 2006, 04:16 PM
    What does the original lease say? If you are on month to month it must follow the terms of the original lease.
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #3

    Feb 22, 2006, 05:28 PM
    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.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    Feb 22, 2006, 05:51 PM
    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)
    mz2richard's Avatar
    mz2richard Posts: 39, Reputation: 1
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    #5

    Mar 30, 2006, 09:07 PM
    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!;)
    fredg's Avatar
    fredg Posts: 4,926, Reputation: 674
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    #6

    Mar 31, 2006, 06:21 AM
    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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