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Kayleen

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Posts: 6
Reply with quote  #1 
We've had a tenant for several years who paid a low security deposit.  Can we ask that tenant to pay additional amount to be same as other tenants? 
LLinVA

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Posts: 550
Reply with quote  #2 
Most places have it as the same as rent or some multiple (1.5x rent, 2x rent, etc.). Is that not the case? We always ask for the difference in security deposit when their rent goes up.
AccidentalRental

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Posts: 208
Reply with quote  #3 
I doubt you can do that mid lease especially if it is written into the current lease.  You need to wait for the renewal and then ask for the maximum allowable under the law.
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BillHoo

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Posts: 73
Reply with quote  #4 
Yea.  You can amend the lease and ask if they will agree to sign.  (which I doubt they will do).  Or wait til the lease ends and update the rent and difference in security accordingly. (and see if they want to renew)

I usually give a tenant maybe 3 to 4 months notice of my intent so they can decide whether they want to agree with those terms, and save up the cash.  Or they can decide the place is too rich for them and move out.

From the standpoint of Risk Management, you can assess the tenant:
- Have they been taking care of the place so far?
- Do they pay the full rent on time?
- Are there any factors to make you think you would need more security deposit to mitigate potential/or likely damage when they move out?

If the risk is low.  Keep the agreement as it is currently.

If the risk is high and you think there will be a lot of liabilities and repairs, then amend or offer a new lease and see where it goes.

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