Renting my property what do I charge up front

brendan86

Hi all I've recently decided to put my property up for rent privately, I have a interested party but unsure what the norm is as up front payment.

My house is a 4 bed detached in Monaghan and I'm charging 600 pcm

What I was thinking of asking for was 1 month 600euro + security deposit 600 and 600 for last months rent.

So when they leave there last month they don't need to pay and when they move out they get deposit back.

Is this normal? Or should I just be asking for 600 up front for 1st month and 600 security deposit?

Thanks
Brendan

Gumbo

First months rent in advance.
Security deposit of your choosing.

Aint Eazy Being Cheezy

Totally up to you, it's your house. Deposit & 1 months rent is more common though.

PucaMama

brendan86 wrote: »

Hi all I've recently decided to put my property up for rent privately, I have a interested party but unsure what the norm is as up front payment.

My house is a 4 bed detached in Monaghan and I'm charging 600 pcm

What I was thinking of asking for was 1 month 600euro + security deposit 600 and 600 for last months rent.

So when they leave there last month they don't need to pay and when they move out they get deposit back.

Is this normal? Or should I just be asking for 600 up front for 1st month and 600 security deposit?

Thanks
Brendan

Just the 600 rent and 600 deposit. When things started getting good for landlords here I notice quite a few who were goin to ask for 1 months rent plus the price of two months as a deposit. Unfair I think.

brendan86

Ye I was thinking that 2 months and security was bit high I just wanted to know before I meet my tenant that's interested Wednesday.. Thanks for the replies

athtrasna

Aint Eazy Being Cheezy wrote: »

Totally up to you, it's your house. Deposit & 1 months rent is more common though.

It's more traditional but deposit plus two months rent is becoming more common as landlords seek to protect themselves.

dori_dormer

Honestly with a 4 bed house and the rent being fairly low, there could be much more than 600 euro worth of damage possible. Is it furnished?

Personally in that situation I'd be asking. For more than 600 deposit. Perhaps not 2 month worth but maybe 1000?

also I'd take into consideration the number of people moving in. If it was 2 adults and a newborn, perhaps a smaller deposit. If 2 adults and 4 kids or somethign there's a greater chance of damage simply based on the number of people around.


Just things to consider, but I'd go with more than one months deposit personally

The_Conductor

What you were suggesting- 1 month's deposit, 1st and last month's rent- is rapidly becoming the norm (reflecting the situation in most other countries).
If you want to be really nice to the tenant- you could go with month's rent in advance and 1 month for deposit- however, this leaves you very open as a landlord.

Mrs OBumble

OP, property is a market. It all comes down to supply and demand.

What are demand and supply like in the area? If the tenant doesn't like what you propose, how easily can they find an alternative?

Isaiah

In England the standard is 6 weeks plus deposit. I think that's fair.

GreatDefector

Isaiah wrote: »

In England the standard is 6 weeks plus deposit. I think that's fair.

And look at the state of things in London

gaius c

PucaMama wrote: »

Just the 600 rent and 600 deposit. When things started getting good for landlords here I notice quite a few who were goin to ask for 1 months rent plus the price of two months as a deposit. Unfair I think.

That works fine in a market where supply is tight but might not suit others. Can't comment on Monaghan market but he could try it and see will the market bear it.

brendan86

Hi,

My house is the only house on the internet in my town, its a town called ballybay just outside Monaghan. Very hard to get a place in a town even a 2 or 3 bed and 4 bed detached there isn't many at all.

We've sent a few emails so far she's been looking quite a while for a 4 bed detached house, she has a family with 3 kids youngest is 8 I think.

I just don't want to be unreasonable when I ask her what I want in terms deposit and rent. It will be freshly painted all rooms before she moves as it will be new year before the move I will have time myself to do it and its furnished..

So I think I will go with 900 deposit and the months rent up front.

Mrs OBumble wrote: »

OP, property is a market. It all comes down to supply and demand.

What are demand and supply like in the area? If the tenant doesn't like what you propose, how easily can they find an alternative?

McGrath5

You have to be fair to yourself OP.

You are handing over the keys of an asset that has a very significant value to you, so I would suggest that you ask for 2 months rent as a deposit, which is becoming the norm these days.

the_syco

brendan86 wrote: »

We've sent a few emails so far she's been looking quite a while for a 4 bed detached house, she has a family with 3 kids youngest is 8 I think.

Ensure you use paint that is resistant to crayon!

Also, you are running a business. If anyone tries to pull the heart strings, you'll know it'll only be the start.

gaius c

Ballybay? Know it well. Glanbia jobs in the region so might be somebody there looking for accommodation.

Arbiter of Good Taste

brendan86 wrote: »

Hi,

My house is the only house on the internet in my town, its a town called ballybay just outside Monaghan. Very hard to get a place in a town even a 2 or 3 bed and 4 bed detached there isn't many at all.

We've sent a few emails so far she's been looking quite a while for a 4 bed detached house, she has a family with 3 kids youngest is 8 I think.

I just don't want to be unreasonable when I ask her what I want in terms deposit and rent. It will be freshly painted all rooms before she moves as it will be new year before the move I will have time myself to do it and its furnished..

So I think I will go with 900 deposit and the months rent up front.

OP, being fair, doesn't mean being a walkover. If you think €900 is enough to potentially cover the damage caused by 3 children, then charge that. Only you know what is in the house that can be damaged.

Mrs OBumble

the_syco wrote: »

Ensure you use paint that is resistant to crayon!

Also, you are running a business. If anyone tries to pull the heart strings, you'll know it'll only be the start.

Are 8 year olds still drawing on wall? :eek:

I'd agree with younger kids, but by that age the damage should be less of an issue.

Totally agree re the heartstrings though: they have no place in business.

Uno my Uno.

It's up to you OP, demand n Monaghan is probably reasonably low so you may not be n a good position to seek 3 months rent up front. Having said that €600 is a very small deposit for a large house so I think it would be reasonable to request more.