Glossary Term
Last month's rent is a payment you make at the start of a tenancy that is applied specifically to the final month you live in the unit. It is different from a security deposit because it can only be used for rent, not for damage or cleaning. Some states treat it like a deposit and apply the same caps, interest rules, and return requirements.
In short
Last month's rent is a payment you make at the start of a tenancy that is applied specifically to the final month you live in the unit. It is different from a security deposit because it can only be used for rent, not for damage or cleaning. Some states treat it like a deposit and apply the same caps, interest rules, and return requirements.
Landlords often collect first month, last month, and a security deposit all at once, making move-in expensive. Knowing how last month's rent works helps you avoid double-paying at the end of your lease and reclaim any money you are owed.
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No. Last month's rent can only be applied to your final month of rent, while a security deposit covers damage, unpaid rent, and cleaning.
Generally no. It is meant for rent only, and damages should come out of the security deposit instead.
It depends on your lease and local law. Some landlords ask for the difference if rent increased after you prepaid, so clarify this before signing.
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