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Mentor
It’s normal to collect first months rent and security deposit at the time of signing the lease.
In very competitive markets (for example NYC) the standard is first months, last months, and security deposit.
If you collect rent money from some gov org/program (example section 8) you might have to be more flexible and follow their guidelines.
At 18 they can apply alone. Only reason they may need their parents is if you think there is a risk that they may not be able to pay rent. For example, a lot of places will require a tenant to have a certain income that is a multiplier of the monthly rent (e.g., gross income must be 2.5 times what the monthly rent is). Then there is less risk of them not paying as their income provides sufficient buffer. If a tenant is below that, then you may need a parent or third-party to sign onto the lease to guaranty it in the event that the tenant doesn't pay. This is very common with 18 year olds at college for example. My parents had to guaranty my lease while I was in school.
Mentor
Did you inherit the tenant that is moving out?
If this new tenant is the first one you are placing, I highly suggest you talk to a property management company and/or experienced landlord and/or landlord minded attorney in your state to get a crash course in the fair housing laws in your area. You need to understand what you can and can’t ask for in your application and decision making process.
First tenant was a friend/family. Thanks for the suggestion.
Coach
I have a house where I rent by the room (it’s a college town) and I often rent 2-3 months in advance. I collect a 1.5x deposit at lease signing and require the first month rent before they can move in. For most of my tenants I get a parent co-signer even if they are 18+. I ask about the source of their funds and if they say their parents are helping then I get the co-signer.
Depending on your state, also consider a non-refundable move-in fee in lieu of a security deposit(and a non- renewable lease removal fee in lieu of an increased security deposit). I had success with these before we liquidated out multi-family portfolio(now all of our stuff is medical). That way, you keep it regardless, and even if someone trashed the place, it will take way more than one month’s rent to fix. I never had trouble with this.