If you are signing a lease to rent an apartment, you might come across the new term “security deposit”. Before you sign any lease, make sure you know about the security deposit for the apartment and possible costs like parking, pets etc. Additionally, take detailed information on the first and last month’s fees.
Dealing with Payments can be daunting, so gather information as much as possible to help you choose the best rental apartment.
A security deposit is a fixed amount paid to the landlord or property management before you shift to the apartment. The good news is it is refundable at the time of eviction. The security deposit covers the potential repairing cost, missed payments and many more. The owner will inspect all the damages and calculate the repair cost; you will receive the remaining security deposit money.
What Determine The Security Deposite Of An Apartment?
An apartment owner follows five factors before deciding on the security deposit.-
- State Laws Of The Place
- Monthly Rent Amount
- Facilities And Type Of Apartment To Rent.
- A Security Deposit Of The Same Properties In The Local Area.
- Credit Score, Background Check And Change In The Rent In The Tenant’s Rental Application.
In some cases, a tenant with a low credit score struggles to get an apartment for rent. So a landowner can charge a high-security deposit from them.
Reasons You are Not Getting Your Security Deposit Back Some of the reasons you are not receiving your deposit –
Clean-Up Cost Due
If you don’t clean the property properly before leaving the building, the owner can keep some security money to cover the cleaning cost.
If you left your belonging in the rental property for more than 15 days, the owner would deduct money for moving them and cleaning the place.
In most cases, 30 days notice period is a must before you plan to move. As a tenant, if you break the lease, your extra month’s rent will be deducted from the deposit.
If you have damaged the property and need a longstanding repair, you will not be allowed to be reimbursed the security deposit for the apartment.
Lease agreements are often prepared to protect both the tenants and owner, but it’s always better to know all the details before you sign them. It should pay you to rent on time and maintain the property so that you receive the maximum amount of your security deposit for an apartment.