Journalist Jeong Park shared the letter he got from the management company while looking for a place in LA.
It's hard to imagine how high rent prices are skyrocketing all over the country. Journalist Jeong Park was in for a shock when he got an email from a management company while he was looking for a place to live in Los Angeles. How much would it cost? "6 Months due upon move-in. The unit does have a 1-month free special, so it would be 5 months’ worth of rent that will cover you for 6 months. A security deposit of $3100. In total, this would come out to $11,575 to move in," the company wrote, adding, “We understand this is a lot, unfortunately, we don’t have a say in management’s approval.” The letter went viral and many people were shocked at a deposit being this pricey. Take a look at their reactions below!
If someone has $12K to drop for rent, more power to them.— Jeong Park 박종찬 (@JeongPark52) March 15, 2022
I hate the renting process. Read the thread and see how people are justifying huge deposits as a way to discourage certain tenants. I'm positive this tactic has been used against me in the past.— Bludo's Baldhead Dred Look (@FreethruJustice) March 17, 2022
Fun fact; lots of luxury apartments charge small deposits. https://t.co/L4nbkyfwYk
struggling with this currently, why do i have to pay rent for my dog— America (@m3kka_) March 16, 2022
Doesn’t cut it in LA. 12k is 1.5% of a ‘starter’ 🏠 Even w PMI no bank will allow you to put down <3% & good luck competing in this market if you’re a buyer who cannot afford to put down at least 5%. Closing costs alone are exorbitant & buyers are waiving contingencies to compete— alysha 🚫👮♀️IMBY (@alyshalynn) March 17, 2022
yeah this just screams exploitation— The Necronomicron (@a_circling_sol) March 16, 2022
It isn't legal in NYC these days to charge more than 1 month's rent + security deposit of the same mount. Anyone still charging more is counting on tenants to be uninformed and desperate, and can easily be reported— Hayato Huseman (@hayatohuseman) March 16, 2022
Yeah. That's absurd. Jfc.— CocoWrites (@WritesCoco) March 17, 2022
If they have that kind of extra money laying around they are looking to buy!— Designnymph (@designnymph) March 16, 2022
This place sounds really nice, including the chef's kitchen and fruit trees....but $12,000 is sooo freakin much!— Rayah Jaymes (@RayahJaymes) March 17, 2022
I’m a landlord (7 units) in a big NE city. I keep my rents at 5% below market rate, charge one month’s security and one month’s advance rent which is credited back at the end of the lease. I was flexible during Covid. Know what I get? Great, long-term tenants. Greed is bad biz.— Ivor Mectin, Esq. (@chathamdad) March 16, 2022
Fortunately, Park decided to go with another place which was still quite costly. He tweeted: Happy (?) update: Obviously, I'm not renting this place, but I just put in a security deposit for a studio apartment south of KTown for $1,600 a month (and it comes with dishwasher and in-unit washer/dryer, which is nice). Glad to finally get off this wild ride.