This does matter in some States. For example in Washington I have to hold the deposit in a separate account, and identify which bank it's held at. But I just have to say where the account is, I don't have to actually show what's in it.
But as far as I know, Colorado has no such law. You don't have to show them anything at all.
Actually show them the statement? Nah, you don’t have to do that. I’d keep any security deposits in a completely separate account though, not in one where I do any other business transactions.
> My lease states that I have it in an interest bearing account.
So they want to see how much money they have in your account. Congratulations! You are now a bank.
At least in PA, there is a law that technically after a year or two, the interest from the security deposit is the tenants legal money. No one follows this law but it is a law since the deposit is the tenants money and interest earned on it is there’s as a result.
No clue about your state though.
It is with a 1% fee the landlord can collect. That's why no one follows it. Pretty much everyone just tosses it into a general account that has less than 1% interest. If you're getting more than that though, it's illegal not to return the overage to the tenant each year.
I feel like we didn't have the full story here, but they asked to see their security deposit, not your personal accounts. If you can't easily get a single account statement from your bank, then send them a screenshot of their account summary and move on.
We send our tenants information on their security deposit accounts when we set them up and then again at lease renewal. I just think it shows goodwill and, since we're not required to provide interest in my state, the fact that we do anyway is appreciated by the tenants. There are so many stories out there of renters getting screwed over by landlords who unfairly keep security deposits that it's not unexpected tenants would be concerned about its handling. For most tenants, I tend to believe that if they feel their landlord is fair and respectful, they're more likely to take better care of the unit.
I've had issue after issue with them. They haven't let me come over and do maintenance on our yard. They called the police on my car they knew I was going to park on the side of the house. They have harassed and had words my dad when he has gone over to maintenance the property.
Unfortunately in Colorado you can’t just not renew their lease anymore. But I definitely think I would be keeping meticulous records of the pattern of refusal to let you maintain and harassment. Those might be grounds to end their tenancy.
Really? In Colorado, what does it take to not renew a lease? If I decided to not rent the property anymore after the lease expires, would that not be allowed if the tenant wants to stay?
A non-renewal is only allowed if the property is being sold, demolished, substantially renovated, turned into a short-term rental or the landlord's family plans to move in. . It was put into effect beginning of the year.
You have to give 90 days notice and meet one of the requirements I mentioned. You can’t just not renew because you don’t like the sound of their voice or other petty reasons. If you are selling the property that is an allowable reason to not renew the lease.
This is so beautifully written. I wish I was your tenant. Some of the landlords on here are slumlords and ugly human beings with their tight lip, tight wallet, tight ass. treat your tenant like they’re human beings.Treat them like you would want to be treated some of these people are giving youhalf of a month wages.
You are not obligated to show them your financials . They should be more concerned about whether you are going to let them out of their lease early without penalty or not renew lease.
These entitled disrespectful tenants won't last long if I were their landlord
Some states have laws that require interest from the deposit to go back to the tenant after one year, assuming they live there for more than year. This is because the law sees a deposit as the tenants money being held by the landlord, not the landlords money. So interest earned no matter how small is the tenants money, not the landlords.
You can’t non-renew a lease in Colorado without a reason from the short list of acceptable reasons. Reasons include failure to pay rent, landlord moving in and they don’t have anywhere else to go, substantial lease violations, substantial renovations.
In many states the security deposit needs to be in a separate account. Frankly, it should be.
Having it co-mingled like this, makes you think it’s your money instead of their money that you’re holding as a contingency.
I’d bet a lot of money that landlords who co-mingle the funds are more likely to create BS reasons to not return the deposit. Because you see this as your money now, not theirs.
Seems stupid to me.
I have like 50K in my HYSA, why make another account just to hold 3.5K if I have 1 rental? I’ve always gave my former tenants back the full amount aside from one that decided to destroy my house with a cat they weren’t supposed to have, and that cost me over 15K…
I could see it if you’re a LL with 5-10+ doors, maybe..
I mean yeah, but there’s really no point.
I guess if you’re like financially illiterate and need the money in different accounts so you don’t overspend?
Unless I’m over the banks insurance amount there’s no point if the law doesn’t require it. That’s why I have spreadsheets!
I'm really sorry to sound so harsh, but how can you be operating a business in CO without knowing the answer to such a basic question? Don't you know the laws that govern your business? They're all online and easy to research.
Colorado has new laws go in effect every year and they are extremely vague. It’s super annoying. Considering selling my rental property there and buying elsewhere. I kinda want to keep it so my kid has a home in the future though..
Rent prices are going to explode in Denver, getting risky to rent to people there now.
But it is your job, you need to brush up on landlord tenant laws, for real and take the business seriously. Sounds like you may have a difficult tenant, which is exactly why landlords need to know these laws. Protect yourself
I've been researching the laws as things come up. I haven't done a single thing to go against my lease.
I've done hours of research before I rented to see what tenants to choose. Found how to screen them. Called their previous landlords.
Sorry I didn't read the whole colorado law book before I had to rent my house last minute. I had one month to find renters and be out. They have only been in there 5 months.
I'm on here asking for perspective because I do care and do take it seriously. Why else would anyone be on here asking for advice if they didn't give a shit?
Doubt if landlording is most of our full time jobs. But it is still a business & given that one wrong move could result in someone owning your one off & current house, you should probably start taking it more seriously.
Yes, but if you pay bills out of that account that are not reflective of deductions from a security deposit, it could be viewed as your money, even if you don't draw personally or pay yourself. It's spendable, and a security deposit is not.
The security despot must remained untouched by you as it is not your money. It is the tenants money you are holding. It is to be used when they move out to cover damages if there is any, not to pay your mortgage while they live there.
I did see your comment of them being problematic tenants though so legality aside I’m sorry you’re stuck dealing with them, I’d probably not renew if they are harassing your family for trying to maintain the property and home. Many tenants would appreciate those efforts!
Under Colorado state law, this is probably fine, but you need to check your local laws because this is potentially problematic. It would also be an issue in other states.
If the funds from that unit are in a separate account, I don't see the problem of showing them a statement.
If the funds are mixed with other units, then decline to disclose any more information than required by law.
We don't have our units partitioned into individual accounts, maybe that is something to consider.
Interesting…. Is there a reason for them to believe you are not keeping it in a separate account. I would simply tell them of course & not be concerned. At the end of the lease, have them move~
I provide a letter:
To Whom It May Concern:
This is to verify and certify that (your name here) deposited
Check #200 for the $50,000 Security Deposit on November 21st, 2023 in our escrow account from the Tenant xxxx in reference to the rental of xxxxxxxxxxx, anywhere, usa. We have been holding the funds since that date.
Sincerely,
NOTE\*\*\*\*
I also keep all the deposit receipts so if they want a copy of the deposit receipt I provide that.
It looks like in Colorado you have the ability to hold the deposit in either a surety bond or an interest bearing account. There's also no requirement that it be separate from other funds. What you've done by keeping it in an account associated with the property seems OK (while not the best method, nothing about it is inherently wrong -- next time, escrow or bond it to protect yourself better).
Also! Colorado doesn't require landlords to pay interest on security deposits (hence the bond option)... But, if you're in Boulder or a couple other cities, you might be required to pay interest -- you need to double check for yourself if the particular location is bound to any of this.
Ergo, if I were you, I'd either politely decline or do a redacted statement with just the deposit entry blacking out anything that hints at more of a balance with an explanation that it's a property account and they have no right to any further information other than, "it was deposited at the time of payment and has never been withdrawn."
I’ve been an LL in CO for several years and I’ve never seen a law that says I have to prove to the tenant I have their deposit. I’d send them a letter letting them know their deposit is indeed in a safe place per the lease.
I would assume in all states these are trust funds, meaning other people's money and in NC we are required to outline the bank and address on the standard form lease. I've never had a renter demand our bank statements, but the one that shows their funds going in would not be a bad idea. It would have all the bank information and you could redact everything else. That would certainly do it.
Or you could dare them to take you to court. They won't, but I would make sure I sent them the name and address of the bank in formal terms.
Finally, I play the odds and since I've never experienced this in 20 years it implies this tenant is just trying to be a pain so I would not renew their lease if anything else crops up. That is a powerful tool many rental investors are afraid to use, but in our case we have very high odds of finding a replacement fast that isn't a pain.
https://www.findlaw.com/state/pennsylvania-law/pennsylvania-security-deposit-laws.html#:~:text=In%20Pennsylvania%2C%20a%20landlord%20must,deposited%20into%20an%20escrow%20account.
A link about escrow accounts there has the specifics but I’ll add it here too:
(a) Except as otherwise provided in this section, all funds over one hundred dollars ($100) deposited with a lessor to secure the execution of a rental agreement on residential property in accordance with section 511.11 and pursuant to any lease newly executed or reexecuted after the effective date of this act shall be deposited in an escrow account of an institution regulated by the Federal Reserve Board, the Federal Home Loan Bank Board, Comptroller of the Currency, or the Pennsylvania Department of Banking. When any funds are deposited in any escrow account, interest-bearing or noninterest-bearing, the lessor shall thereupon notify in writing each of the tenants making any such deposit, giving the name and address of the banking institution in which such deposits are held, and the amount of such deposits.
(b) Whenever any money is required to be deposited in an interest-bearing escrow savings account, in accordance with section 511.1, then the lessor shall be entitled to receive as administrative expenses, a sum equivalent to one per cent per annum upon the security money so deposited, which shall be in lieu of all other administrative and custodial expenses. The balance of the interest paid shall be the money of the tenant making the deposit and will be paid to said tenant annually upon the anniversary date of the commencement of his lease.
(c) The provisions of this section shall apply only after the second anniversary of the deposit of escrow funds.
I read it the first time. I just read it again. Unless your first comment was like a “hmm I had no idea, good to know!” I’m not seeing where I supposedly went wrong.
I read your comment as “I don’t remember seeing that so it’s not real”. That’s the more common interpretation I find on Reddit but apologies if that’s not the case here. If that *is* how you meant it then I was showing you that it is indeed real, that’s all.
Nah.
They’re ridiculous. I don’t even keep it in a different account, goes in with my emergency fund in my HYSA.
Not sure why it’s downvoted, I’m a CO landlord and this is not something OP needs to provide. They sound like a pain in the ass, I would hit them with a huge rent increase and hope they non-renew since we can’t non-renew shitty tenants anymore. Thankfully I’ve never had a bad tenant (knock on wood)
ABSOLUTELY NOT! I just read thru a few lawyers' websites and learned that a tenant is not legally obliged to show/give a landlord his/her bank statements, therefore, if the tenant is not bound by law to show our give you his statements, logic dictates that a landlord must definitely does NOT have to show his tenant his bank statements. The lawyers did go on to state, however, that though the tenant is not bound by law to give his bank statements to the landlord, the landlord is not bound by law to rent him/her the apartment/home. I agree with one of the posters here that the tenant is trying to intimidate you. I'm from South Florida, and we have our fair share of a-holes and bullies, but I have NEVER heard of a tenant demand to see the landlord's bank statements. THAT takes the cake! I believe he's testing you to see how far he can push you. You MUST stand up to this jack-ass and let him no in no uncertain terms who calls the shots. If he doesn't like it, he can move! I'm which case you can keep his deposit for breach of contract/lease. This, however, will depend upon the state the property is in. Your best bet is to go to your State's Official Government website and download a copy of your state's Statutes regarding Landlord Tenant Law.
Yeah. This person is a piece of shit. I actually was considering giving it to them and censor everything except my name and their deposit line and the ending balance that day it was deposit 🙃
This renter has been on a power trip and on one This whole year. They are freaking nuts.
If he gets angry and damages the unit in any way, he can kiss his deposit goodbye, and the interest he's so concerned about, too. He would also risk getting evicted, and having that pop up in his background checks.
In Illinois, and I would imagine that everywhere else, a LL is absolutely prohibited from co-mingling of funds, and MUST keep all deposits in a separate interest-bearing account. Not all states require that the account be interest-bearing, however.
CO does not require either individual account or interest-bearing. They aren't even required to pay the interest to the tenant if it is interest-bearing. CO does allow for it to be held in a surety bond in place of a bank account (which doesn't normally bear interest)
Interesting. I always recommend that LL, especially ones who are new to it, should absolutely read every State Statute(s) concerning Landlord-Tenant Law. It'll put you to sleep, for sure, but you definitely do not want to run afoul of the law.
Yeah, imma say no on this one. They are the worst people I've ever met. This isn't the first or even the second or third time she has pulled something like this.
Somebody inquiring is not a jackass. Someone inquiring is not someone to stand up to. You’re acting out of knee-jerk fear. You’re not a king you’re just a landlord.
This does matter in some States. For example in Washington I have to hold the deposit in a separate account, and identify which bank it's held at. But I just have to say where the account is, I don't have to actually show what's in it. But as far as I know, Colorado has no such law. You don't have to show them anything at all.
Actually show them the statement? Nah, you don’t have to do that. I’d keep any security deposits in a completely separate account though, not in one where I do any other business transactions.
> My lease states that I have it in an interest bearing account. So they want to see how much money they have in your account. Congratulations! You are now a bank.
At least in PA, there is a law that technically after a year or two, the interest from the security deposit is the tenants legal money. No one follows this law but it is a law since the deposit is the tenants money and interest earned on it is there’s as a result. No clue about your state though.
It is with a 1% fee the landlord can collect. That's why no one follows it. Pretty much everyone just tosses it into a general account that has less than 1% interest. If you're getting more than that though, it's illegal not to return the overage to the tenant each year.
Yes that’s right! Thank you for the correction.
Colorado, it's not required.
I feel like we didn't have the full story here, but they asked to see their security deposit, not your personal accounts. If you can't easily get a single account statement from your bank, then send them a screenshot of their account summary and move on. We send our tenants information on their security deposit accounts when we set them up and then again at lease renewal. I just think it shows goodwill and, since we're not required to provide interest in my state, the fact that we do anyway is appreciated by the tenants. There are so many stories out there of renters getting screwed over by landlords who unfairly keep security deposits that it's not unexpected tenants would be concerned about its handling. For most tenants, I tend to believe that if they feel their landlord is fair and respectful, they're more likely to take better care of the unit.
I've had issue after issue with them. They haven't let me come over and do maintenance on our yard. They called the police on my car they knew I was going to park on the side of the house. They have harassed and had words my dad when he has gone over to maintenance the property.
Sounds like awful tenants.
Unfortunately in Colorado you can’t just not renew their lease anymore. But I definitely think I would be keeping meticulous records of the pattern of refusal to let you maintain and harassment. Those might be grounds to end their tenancy.
I'm selling so, they are getting a non-renewal letter tomorrow actually. Lease is up end of july
If they have lived there for a year or more you have to give them 90 days now.
It was an 8th month lease. It's 28 days for me
Then definitely don’t renew!
Really? In Colorado, what does it take to not renew a lease? If I decided to not rent the property anymore after the lease expires, would that not be allowed if the tenant wants to stay?
A non-renewal is only allowed if the property is being sold, demolished, substantially renovated, turned into a short-term rental or the landlord's family plans to move in. . It was put into effect beginning of the year.
You have to give 90 days notice and meet one of the requirements I mentioned. You can’t just not renew because you don’t like the sound of their voice or other petty reasons. If you are selling the property that is an allowable reason to not renew the lease.
This is so beautifully written. I wish I was your tenant. Some of the landlords on here are slumlords and ugly human beings with their tight lip, tight wallet, tight ass. treat your tenant like they’re human beings.Treat them like you would want to be treated some of these people are giving youhalf of a month wages.
Not the the actual bank statement. You can give them a print out of the accounting from Quickbooks or whatever accounting software you use.
You’re the only answer here that’s dealing with a leveled head. You can’t ignore a tenant they hold something valuable in their possession.
Heck no.
Ignore the communication. Don’t respond. You have no legal obligation to show them a statement. This sounds like a power play from the tenant.
It’s a mistake to ignore any communication from someone who’s giving you money. All you’re gonna do is make him angry.
Yeah, I'm going to agree with the other responder here. Just ignoring your tenant's request, completely not responding, is a terrible suggestion.
You are not obligated to show them your financials . They should be more concerned about whether you are going to let them out of their lease early without penalty or not renew lease. These entitled disrespectful tenants won't last long if I were their landlord
Some states have laws that require interest from the deposit to go back to the tenant after one year, assuming they live there for more than year. This is because the law sees a deposit as the tenants money being held by the landlord, not the landlords money. So interest earned no matter how small is the tenants money, not the landlords.
You can’t non-renew a lease in Colorado without a reason from the short list of acceptable reasons. Reasons include failure to pay rent, landlord moving in and they don’t have anywhere else to go, substantial lease violations, substantial renovations.
In many states the security deposit needs to be in a separate account. Frankly, it should be. Having it co-mingled like this, makes you think it’s your money instead of their money that you’re holding as a contingency. I’d bet a lot of money that landlords who co-mingle the funds are more likely to create BS reasons to not return the deposit. Because you see this as your money now, not theirs.
Seems stupid to me. I have like 50K in my HYSA, why make another account just to hold 3.5K if I have 1 rental? I’ve always gave my former tenants back the full amount aside from one that decided to destroy my house with a cat they weren’t supposed to have, and that cost me over 15K… I could see it if you’re a LL with 5-10+ doors, maybe..
My banks, I can open a sub account in like 15 seconds with 3-4 mouse clicks. It pays the same high yield. It’s extremely easy.
I mean yeah, but there’s really no point. I guess if you’re like financially illiterate and need the money in different accounts so you don’t overspend? Unless I’m over the banks insurance amount there’s no point if the law doesn’t require it. That’s why I have spreadsheets!
I'm really sorry to sound so harsh, but how can you be operating a business in CO without knowing the answer to such a basic question? Don't you know the laws that govern your business? They're all online and easy to research.
Colorado has new laws go in effect every year and they are extremely vague. It’s super annoying. Considering selling my rental property there and buying elsewhere. I kinda want to keep it so my kid has a home in the future though.. Rent prices are going to explode in Denver, getting risky to rent to people there now.
This isnt my full time income. It's a one off cuz i needed to in order to buy my current house.
But it is your job, you need to brush up on landlord tenant laws, for real and take the business seriously. Sounds like you may have a difficult tenant, which is exactly why landlords need to know these laws. Protect yourself
I've been researching the laws as things come up. I haven't done a single thing to go against my lease. I've done hours of research before I rented to see what tenants to choose. Found how to screen them. Called their previous landlords. Sorry I didn't read the whole colorado law book before I had to rent my house last minute. I had one month to find renters and be out. They have only been in there 5 months. I'm on here asking for perspective because I do care and do take it seriously. Why else would anyone be on here asking for advice if they didn't give a shit?
Doubt if landlording is most of our full time jobs. But it is still a business & given that one wrong move could result in someone owning your one off & current house, you should probably start taking it more seriously.
In PA, you have to state where, and what bank the security deposit is held. It has to be separate from personal funds. Check without state.
It is separate from personal funds. It's an account solely dedicated to the rental. Mortage and repairs come out of it only
Yes, but if you pay bills out of that account that are not reflective of deductions from a security deposit, it could be viewed as your money, even if you don't draw personally or pay yourself. It's spendable, and a security deposit is not.
The security despot must remained untouched by you as it is not your money. It is the tenants money you are holding. It is to be used when they move out to cover damages if there is any, not to pay your mortgage while they live there. I did see your comment of them being problematic tenants though so legality aside I’m sorry you’re stuck dealing with them, I’d probably not renew if they are harassing your family for trying to maintain the property and home. Many tenants would appreciate those efforts!
Under Colorado state law, this is probably fine, but you need to check your local laws because this is potentially problematic. It would also be an issue in other states.
In GA, you have to mention the bank details the security is being held in.
If the funds from that unit are in a separate account, I don't see the problem of showing them a statement. If the funds are mixed with other units, then decline to disclose any more information than required by law. We don't have our units partitioned into individual accounts, maybe that is something to consider.
Interesting…. Is there a reason for them to believe you are not keeping it in a separate account. I would simply tell them of course & not be concerned. At the end of the lease, have them move~
I provide a letter: To Whom It May Concern: This is to verify and certify that (your name here) deposited Check #200 for the $50,000 Security Deposit on November 21st, 2023 in our escrow account from the Tenant xxxx in reference to the rental of xxxxxxxxxxx, anywhere, usa. We have been holding the funds since that date. Sincerely, NOTE\*\*\*\* I also keep all the deposit receipts so if they want a copy of the deposit receipt I provide that.
It looks like in Colorado you have the ability to hold the deposit in either a surety bond or an interest bearing account. There's also no requirement that it be separate from other funds. What you've done by keeping it in an account associated with the property seems OK (while not the best method, nothing about it is inherently wrong -- next time, escrow or bond it to protect yourself better). Also! Colorado doesn't require landlords to pay interest on security deposits (hence the bond option)... But, if you're in Boulder or a couple other cities, you might be required to pay interest -- you need to double check for yourself if the particular location is bound to any of this. Ergo, if I were you, I'd either politely decline or do a redacted statement with just the deposit entry blacking out anything that hints at more of a balance with an explanation that it's a property account and they have no right to any further information other than, "it was deposited at the time of payment and has never been withdrawn."
All you have to do is what's required by law
I’ve been an LL in CO for several years and I’ve never seen a law that says I have to prove to the tenant I have their deposit. I’d send them a letter letting them know their deposit is indeed in a safe place per the lease.
I would assume in all states these are trust funds, meaning other people's money and in NC we are required to outline the bank and address on the standard form lease. I've never had a renter demand our bank statements, but the one that shows their funds going in would not be a bad idea. It would have all the bank information and you could redact everything else. That would certainly do it. Or you could dare them to take you to court. They won't, but I would make sure I sent them the name and address of the bank in formal terms. Finally, I play the odds and since I've never experienced this in 20 years it implies this tenant is just trying to be a pain so I would not renew their lease if anything else crops up. That is a powerful tool many rental investors are afraid to use, but in our case we have very high odds of finding a replacement fast that isn't a pain.
With the bank statement, I am giving them a non-rewnal letter.
They are trying to act like a lawyer but aren’t
Fr. She works in the court system but absolutely is not a lawyer.
As far as I know they typically only need to what bank it’s in.
I don't remember the Pennsylvania security deposit laws stating that I need to show that information to my tenants or applicants
https://www.findlaw.com/state/pennsylvania-law/pennsylvania-security-deposit-laws.html#:~:text=In%20Pennsylvania%2C%20a%20landlord%20must,deposited%20into%20an%20escrow%20account. A link about escrow accounts there has the specifics but I’ll add it here too: (a) Except as otherwise provided in this section, all funds over one hundred dollars ($100) deposited with a lessor to secure the execution of a rental agreement on residential property in accordance with section 511.11 and pursuant to any lease newly executed or reexecuted after the effective date of this act shall be deposited in an escrow account of an institution regulated by the Federal Reserve Board, the Federal Home Loan Bank Board, Comptroller of the Currency, or the Pennsylvania Department of Banking. When any funds are deposited in any escrow account, interest-bearing or noninterest-bearing, the lessor shall thereupon notify in writing each of the tenants making any such deposit, giving the name and address of the banking institution in which such deposits are held, and the amount of such deposits. (b) Whenever any money is required to be deposited in an interest-bearing escrow savings account, in accordance with section 511.1, then the lessor shall be entitled to receive as administrative expenses, a sum equivalent to one per cent per annum upon the security money so deposited, which shall be in lieu of all other administrative and custodial expenses. The balance of the interest paid shall be the money of the tenant making the deposit and will be paid to said tenant annually upon the anniversary date of the commencement of his lease. (c) The provisions of this section shall apply only after the second anniversary of the deposit of escrow funds.
Or you could read what I said carefully, because this is that addressing what I said
I read it the first time. I just read it again. Unless your first comment was like a “hmm I had no idea, good to know!” I’m not seeing where I supposedly went wrong. I read your comment as “I don’t remember seeing that so it’s not real”. That’s the more common interpretation I find on Reddit but apologies if that’s not the case here. If that *is* how you meant it then I was showing you that it is indeed real, that’s all.
Nope not their business.
They have ZERO right to see what is in the account. Laugh and walk away.
Dude get new tenants!
They are out end of July
I believe unless you own a certain number of units, you’re under no obligation to keep security deposits in a dedicated account.
Nah. They’re ridiculous. I don’t even keep it in a different account, goes in with my emergency fund in my HYSA. Not sure why it’s downvoted, I’m a CO landlord and this is not something OP needs to provide. They sound like a pain in the ass, I would hit them with a huge rent increase and hope they non-renew since we can’t non-renew shitty tenants anymore. Thankfully I’ve never had a bad tenant (knock on wood)
ABSOLUTELY NOT! I just read thru a few lawyers' websites and learned that a tenant is not legally obliged to show/give a landlord his/her bank statements, therefore, if the tenant is not bound by law to show our give you his statements, logic dictates that a landlord must definitely does NOT have to show his tenant his bank statements. The lawyers did go on to state, however, that though the tenant is not bound by law to give his bank statements to the landlord, the landlord is not bound by law to rent him/her the apartment/home. I agree with one of the posters here that the tenant is trying to intimidate you. I'm from South Florida, and we have our fair share of a-holes and bullies, but I have NEVER heard of a tenant demand to see the landlord's bank statements. THAT takes the cake! I believe he's testing you to see how far he can push you. You MUST stand up to this jack-ass and let him no in no uncertain terms who calls the shots. If he doesn't like it, he can move! I'm which case you can keep his deposit for breach of contract/lease. This, however, will depend upon the state the property is in. Your best bet is to go to your State's Official Government website and download a copy of your state's Statutes regarding Landlord Tenant Law.
Yeah. This person is a piece of shit. I actually was considering giving it to them and censor everything except my name and their deposit line and the ending balance that day it was deposit 🙃 This renter has been on a power trip and on one This whole year. They are freaking nuts.
The thing is: if you say no, he may get angry and decide to take it out on your unit. So I wouldn’t reply at all. Don’t say no, don’t say yes.
If he gets angry and damages the unit in any way, he can kiss his deposit goodbye, and the interest he's so concerned about, too. He would also risk getting evicted, and having that pop up in his background checks.
But how would you give them the balance line if you have their deposit co-mingled with your other funds?
In Illinois, and I would imagine that everywhere else, a LL is absolutely prohibited from co-mingling of funds, and MUST keep all deposits in a separate interest-bearing account. Not all states require that the account be interest-bearing, however.
Yeah. It seems like a bad idea for a myriad of reasons.
CO does not require either individual account or interest-bearing. They aren't even required to pay the interest to the tenant if it is interest-bearing. CO does allow for it to be held in a surety bond in place of a bank account (which doesn't normally bear interest)
Interesting. I always recommend that LL, especially ones who are new to it, should absolutely read every State Statute(s) concerning Landlord-Tenant Law. It'll put you to sleep, for sure, but you definitely do not want to run afoul of the law.
Be careful. Somebody renting from you is not a piece of shit, they’re your tenant.
Yeah, imma say no on this one. They are the worst people I've ever met. This isn't the first or even the second or third time she has pulled something like this.
Somebody inquiring is not a jackass. Someone inquiring is not someone to stand up to. You’re acting out of knee-jerk fear. You’re not a king you’re just a landlord.