For our potential tenants, it's the same amount as the rent; paid up front.

If you are a new to the game cover yourself always get the max of security the state allows. Here in Maryland 2 months of the rent amount. And always get 1st months rent up front. and make sure you tell the new resident secuirty deposit are not allow to be used as last rent payments!

It never occured to me to make the deposit and the rent different amounts. Now I see the wisdom in doing so. Thanks for sharing!!

I require 1 1/2 month security plus the 1st months rent. Stops them using the security as the last months rent. They quarrel with that. Sometimes a sign they dont' have a finances to do it. Might be probs with rent collection later. Tell them, I don't get too picky. You want to hang a pic? I'm not going to charge to patch a nail hole. Leave it in the smae shape you have when you moved in, minus nornal wear & tear. You'll get the full amount nack. I won't ding them for normal wear & tear. Put a 4 inch hole in the wall, thats diffrent.

Your rent and security deposits need to be DIFFERENT amounts. For example, charge $1000.00 rent and a $1100.00 security deposit. Usually tenants like to use their security deposit as a last month rent payment when moving out. If the 2 amounts are the same, then a court may side with the tenant. This is bad because if there are then any repairs or maintenance that needs to be done to the unit after they leave, you have forfeited the security deposit which is technically to be used for that purpose and not in lew of rent. Now you have to try and recoup the repair expenses (probably in court). By making the security deposit and rent differing amounts 1) this makes the tenant still responsible for thier last months rent which is easy to recopu in court; 2) it still makes available to you the security deposit in order to make repairs & cleaning etc. and 3) if there are no repairs needed, but the tenant owes you money you can THEN apply that amount to the rent and if the security deposit is less than the rent (say only $975.00) then you've only lost about $25.00 bucks), of course, if the deposit is higher than the rent (like I suggest) then you HAVE to refund what is left after you are paid your rent.

Thanks for your suggestions

Agree - one month's rent is fine. Don't co-mingle either like Tracy suggested.

I would charge one month's rent as security deposit and have them pre-pay the first month. If you're in Chicago don't co-mingle the money. Even ask for separate checks for security deposit. Otherwise you could violate Chicago Landlord rules.