Posted by PeteH(NYC) on December 21, 1999 at 21:17:42:
Another perspective on the deposit issue: I always charge at least 15% MORE than one month’s rent for the deposit; that way, it’s psychologically a different animal than rent, and if (as often happens in this burgh) a vacating tenant just assumes I’ll take the deposit for the last month’s rent, I’ve got a cushion in case there are any damages I need the deposit to cover.
Another thing to be aware of is whether your town has any rent regulations regarding how much you can bump this tenant at the end of a lease period. And that’s a question your atty, if you’re already hellbent on paying one, can help you with.
Good luck – my first duplex has been a winner for me.