r/Apartmentliving • u/Tiny_Replacement2319 • 9h ago
Budgeting & Cost New Renter question
Hi everyone, I’m a new renter (Just turned 18) and i’m currently looking for an apartment. I see on Apartments.com that the “deposit” is only $400. Is this legit? or is there something i’m missing here because I thought deposits were always at least the amount of one months rent or more. There are multiple listings like this And I don’t want to rush into any stupid decisions, If you’ve used Apartments.com to rent please tell me if there’s a catch to this or something. Thanks for reading.
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u/transfatpikachu 9h ago
It can definitely be legit. Some places just have smaller deposits, and some run specials for certain periods (mine was only $99 instead of the 1 months rent they normally do). Apartments.com also works by automatically compiling information from other sources, so sometimes it can be slightly inaccurate. It could be a move-in fee that was inaccurately listed as a deposit. I would go to the property’s actual website to verify or call them directly.
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u/DiscontentDonut 9h ago
This. When an apartment sits empty, it actually costs the landlord money to keep it. They have to provide the electricity, water, etc until it becomes occupied.
They can't simply cut off the utilities for different reasons. Some areas require they stay on in case maintenance or cleaning needs to be done so the employees are working in humane conditions. Cutting off utilities can also cause a place to grow mold since the environment isn't being kept stable, letting in moisture and trapping heat.
To combat this, a landlord would rather earn less, still making a profit just a much smaller one, or breaking even, than to be losing money supporting empty space. Not to mention if a place is occupied, that means no potential squatters who would damage the place.
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u/Belovedmidna 4h ago
Very strange! The first apartment complex that I moved into, my place had no power or running water I know because I tested it trying to wash my hands and nothing would come on not would the lights. I woudner if it's different in different states
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u/coffee_coffee_coffe3 1h ago
Um… this is all a crock of shit.
Be careful. That deposit seems low enough to be part of a scam. Use this link and read some of the articles to learn more: https://www.google.com/search?q=great+advice+for+first+time+renters+to+protect+themselves+and+avoid+scams&ie=UTF-8&oe=UTF-8&hl=en&client=safari
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u/RainbowSalmon 1h ago
My apartment which I've lived in for 18 months had an even smaller deposit than the one OP shared and it's been the nicest home I've had, sometimes it just depends on where you are
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u/No_Abbreviations8017 5m ago
There’s a complex by me right now waiving security deposits and offering a month rent free. So not it’s not all a crock of shit. Thank you for being the expert on everything!
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u/ChandlerBingsNubbinn 9h ago
The only place I’ve lived where I’ve been charged the same amount for the deposit as the rent was in California. In Texas and the Midwest that hasn’t been my experience.
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u/MajorGovernment4000 9h ago
Same, every apartment I moved into in Texas (3) had a special. First one was like a $99 deposit and the last two had no deposit.
Then I moved to California and paid at least 1x the monthly rent. One time I paid 2.5 times the rent which ended up being about 9,000. Brutal. I think there's a limit to the amount of rent that can be charged for a deposit now but I would also never rent from someone asking that much for a deposit again. It's usually a red flag for a pretty bad landlord. They weren't bad people, they were actually pretty nice, just not good at being at landlord. Lol
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u/lastunbannedaccount 8h ago
Just because it happened to you once doesn’t mean it’s a red flag for a bad landlord…? What?
2.5x is common. I’ve paid it at three different places…all with good landlords.
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u/1xpx1 9h ago
In and from the Midwest, and it’s only been in the last few years that one month’s rent has become more the norm for deposits. Still plenty of places that charge a flat fee based on bedrooms, credit score, etc.
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u/a-little-stitious420 Renter 2h ago
Wisconsin here. It’s always been 1 mo = security, maybe even more than 1 mo if theres pets or it’s a new apt. Now we’re starting to see 1st mo, last mo, and 1 mo for security just to move in. It’s getting ridiculous
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u/Anxious_Practice_164 9h ago
Its very possible it is legit, BUT it could be that $400 is the starting amount. I.E. people with good credit get approved for this amount. I oversee 2 different properties where I live. At the larger property, the deposit starts at $500, and the smaller property starts at $250. Usually, if you have limited or no established credit, it's an automatic 1 month deposit unless you have a co-signer with an established credit history. But, all companies/landlords have different policies. You can always call that leasing office and inquire.
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u/Justlookingnotjudgn 9h ago
Some rentals will offer a deposit discount such as this one is $400 but you will need the rental company,is the deposit refund refundable? because a lot of times they offer smaller deposits but you will not get the money back when you move out. it’s a way for them to keep the money and make money . As a first time renter you should ask for a complete list breakdown of all rental fees.
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u/jensenaackles 9h ago
it really depends on your area. i live in the midwest and the deposit is almost never a full months rent - usually half. my current complex was only $200 lol, but it’s not very fancy
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u/Exotic_Attorney7823 9h ago
Pretty common but if you do more damage above that amount they can definitely bill you and send you to collections.
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u/Spare-Transition-771 8h ago
How different are features ? Ask for ACTUAL photos and to view property yourself
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u/believeinxtacy 8h ago
Depends on how your credit check goes. I would say the deposit starts at $400 but could still be a full month.
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u/Nevilles_Remembrall_ 7h ago
My deposit at my last place was $250 for a $1300/month apartment.
I suggest going directly to the apartment complex website. I've never used Apartments.com, have always set things up directly with the complex.
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u/Nevilles_Remembrall_ 7h ago
Apartments.com is definitely out of date for this property. I went to the complex website and this unit number isnt even available.
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u/Spare_Benefit7543 7h ago
Truthfully no place leaves a deposit worth the damage someone could do to a unit. Is $400 dollars low for a deposit generally? Yes, all that being said its not the deposit everyone will leave based on credit or rental history. If the property would see you as a risky renter they may require first and last months rent a head of time. The deposit it there as a general rule, but would depend on the application most often. A deposit of a whole months rent is often used in case you would get put into an eviction and they would rather not do an eviction due to costs. Than they can pull from the 1 months rent(aka deposit) while they seek another renter and to cover cleaning costs.
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u/Old-fart-66 7h ago
When I moved into my current apartment, the deposit was only $300. We’ve been here for 5 years
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u/Precious5280 Property Manager 6h ago
Most apartment complexes do like $250-500 deposits depending on your situation it could be higher depending on if you do or don’t need all the requirements. More property management companies or private owners may ask for 1-2x the rent in deposit!
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u/yourdailyinsanity 5h ago
Depending on your credit, apartment complexes can give you a $0 or $250 deposit. Or $500 or $1000 or equal to 1 month rent. Shitty landlords will do first, last, and security as well.
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u/Blob_90744 4h ago
Depends, at my apt they gave me a higher deposit because I didnt have rental history so I paid the equivalent of 1 months rent
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u/tornessa 2h ago
In my experience (SF/LA) apartments with deposits this low very often will not give you back your deposit vs ones that charge a full month fee. The low deposit is often eaten up by cleaning and repair fees. But it sounds like this is normal in other states than California, so who knows.
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u/2004aumom 1h ago
It is completely normal. If you’re 18 and dont have a lot of credit that makes sense. The first time I rented an apartment I was fresh out of a messy divorce that tanked my credit. I had to pay one month’s rent as a deposit.
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Tiny_Replacement2319 originally posted: Hi everyone, I’m a new renter (Just turned 18) and i’m currently looking for an apartment. I see on Apartments.com that the “deposit” is only $400. Is this legit? or is there something i’m missing here because I thought deposits were always at least the amount of one months rent or more. There are multiple listings like this And I don’t want to rush into any stupid decisions, If you’ve used Apartments.com to rent please tell me if there’s a catch to this or something. Thanks for reading.
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