When your landlord requests a security deposit, here’s what you need to know…
What is a Security Deposit?
The security deposit is a sum determined by the landlord that a tenant must pay to cover any property damages that may occur for the duration of the lease. If you damage the carpet or leave holes in the walls at the end of the lease, the landlord doesn't have to refund the deposit because you haven’t returned the apartment to its original condition. They will use the deposit to cover the costs for repairs.
Why You Need You Understand Your Security Deposit
When it comes to renting an apartment, nothing but your monthly rent is guaranteed. You never know when an emergency may pop up or accidental damage occur that would affect getting your security deposit refunded.
At the end of a lease when a tenant realizes their security deposit isn’t being refunded this can create conflict. The best way to avoid a difficult or unexpected situation is to Read Your Lease and Deposit Terms! I cannot emphasize this enough. When you understand the process, you can avoid the often costly pitfalls that come with renting!
What Happens if You Damage an Apartment?
To avoid losing your security deposit, damages to the apartment should be repaired within a reasonable timeframe. The standard is 14 to 15 days; however, this could differ according to your lease. Speak to your landlord about covering the repairs only if it will cost less than losing your deposit. If the repairs are going to be higher than your deposit, well, it may be better to say goodbye to a refund.
What to Remember About Landlords and Security Deposits
Your landlord is there to help you as a tenant. If you are unsure about terms in the lease, wear and tear in the apartment, or accidental damage, reach out to them to determine the best course of action. This way everyone is on the same page and can come to an agreement that works out for all!
