With soaring rent prices, two bills from the Florida legislature could provide solutions for desperate tenants.

Both seek to change the way we pay security deposits and, in some cases, replace them, but many warn that “the fine print” should be read.

New bills in Tallahasse propose to establish the option of a monthly fee for the tenant, instead of a security deposit. But this will only happen if the landlord and the tenant agree. Something that should be established in writing.

“It’s a very large expense because it’s $9,000 in one show,” says Robert Vila, who is looking for rent and assures that this is the average amount they quoted as a security deposit.

“I think it’s a good option for people who can’t afford to pay that much up front,” Vila says, referring to the new proposal raised by the Florida legislature.

Henry Marines, a real estate attorney, says “if the down payment is too expensive, instead of paying it up front, you have time to pay it back” later.

The attorney explains that the fee is in addition to paying rent or other taxes related to your tenancy. These charges will not constitute a deposit and you will have to pay at the end of the contract if you have caused extraordinary damage to the property, beyond that of regular use.

It should be noted that neither bill imposes a maximum limit on these monthly fees for owners.

“There will be an advantage (because) with the fee money they can pay for the insurance and benefit if there is damage to the property and they are not paid at the end of the tenancy”, explains lawyer Henry Marines.

The draft laws consider that if the owner of the rental has insurance to cover damages that you did not pay when you retired, the insurance company can claim this money from you, up to a year later. .

“The owner must initiate the procedure as established by law, inform him that there is damage, within 30 days”, explains the lawyer for the Marines.

The tenant may withdraw from this agreement at the time he decides, provided that he pays the established security deposit. But be aware that the monthly payments made will not be refunded.

“What does not seem convenient to me is that it is money that you are not going to recover and if at the end of the contract you have to make a repair, it must also be covered”, estimates Robert Vila.

Categorized in:

Tagged in:

, , , , , ,