Comments on: What is security deposit for renting homes/apts? http://www.diyyourhouse.com/what-is-security-deposit-for-renting-homesapts/ We Are All About Home Improvement Thu, 26 Jan 2012 17:56:36 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: bull_rooster_aardvark http://www.diyyourhouse.com/what-is-security-deposit-for-renting-homesapts/comment-page-1/#comment-20636 bull_rooster_aardvark Sat, 21 Nov 2009 05:37:56 +0000 http://www.diyyourhouse.com/?p=5758#comment-20636 Its money you give when you sign a contract but the money is still yours, and (depending on the jurisdiction) the landlord may have to pay you interest on the money while he holds it. When you leave the landlord will typically wait a few weeks or so and confirm that there are no outstanding utility bills and will also check if there is any damage to the property (holes in the wall, carpet stains, etc - anything beyond normal wear and tear). If there are any of these expenses he will subtract these costs from the security depoist and send you the remainder plus an accounting. If the expenses are more than the security deposit he can charge you the difference (but may just forget it figuring its not worth the extra effort). Finally, if he needs to evict you or you leave on your own without paying all rent he can also subtract this from any security deposit owed. Good luck. Its money you give when you sign a contract but the money is still yours, and (depending on the jurisdiction) the landlord may have to pay you interest on the money while he holds it. When you leave the landlord will typically wait a few weeks or so and confirm that there are no outstanding utility bills and will also check if there is any damage to the property (holes in the wall, carpet stains, etc – anything beyond normal wear and tear). If there are any of these expenses he will subtract these costs from the security depoist and send you the remainder plus an accounting. If the expenses are more than the security deposit he can charge you the difference (but may just forget it figuring its not worth the extra effort).

Finally, if he needs to evict you or you leave on your own without paying all rent he can also subtract this from any security deposit owed.

Good luck.

]]> By: pppres http://www.diyyourhouse.com/what-is-security-deposit-for-renting-homesapts/comment-page-1/#comment-20637 pppres Sat, 21 Nov 2009 05:37:56 +0000 http://www.diyyourhouse.com/?p=5758#comment-20637 it's a one-time thing so that if you damage the property, or run out without paying rent, the landlord has at least some money to fix the damage or cover the rent you didn't pay. a security deposit is usually equal to one month's rent. if you stay the length of the contract and don't damage the property, the deposit must be refunded to you. Best wishes! it’s a one-time thing so that if you damage the property, or run out without paying rent, the landlord has at least some money to fix the damage or cover the rent you didn’t pay. a security deposit is usually equal to one month’s rent. if you stay the length of the contract and don’t damage the property, the deposit must be refunded to you.

Best wishes!

]]> By: v.ley@sbcglobal.net http://www.diyyourhouse.com/what-is-security-deposit-for-renting-homesapts/comment-page-1/#comment-20638 v.ley@sbcglobal.net Sat, 21 Nov 2009 05:37:56 +0000 http://www.diyyourhouse.com/?p=5758#comment-20638 You're lucky it just says that and not 1st month, last month & security. It is a one month rental fee equal to the rent amount. You’re lucky it just says that and not 1st month, last month & security. It is a one month rental fee equal to the rent amount.

]]> By: pinkluxe http://www.diyyourhouse.com/what-is-security-deposit-for-renting-homesapts/comment-page-1/#comment-20639 pinkluxe Sat, 21 Nov 2009 05:37:56 +0000 http://www.diyyourhouse.com/?p=5758#comment-20639 It's basically like good faith money and it is a one time fee. You give them a set amount of money and they hold on to it until you decide to move. They give it back at the end of your lease, when you move out, if the apartment is in the same condition it was in before you rented it.. They keep it if you have damaged the apartment. (This should not apply to normal wear of the carpets and stuff like that- it's basically for holes in the walls, broken doors, broken appliances, etc...) It's pretty safe to say that the security deposit should be no more than the amount of the rent. So if this was the case, if your rent is $1500 a month, you would obviously pay that and then if they required a security deposit equal to the amount of rent, you would pay an additional $1500, which would be cashed, put into their trust account and refunded to you at the end of your lease. So you would be paying $3000 total. But many places will charge around half of the rent cost, so you may be only paying $500-$750 for the security deposit. You may also have to pay an additional deposit for pets. Around here it's normally like $300 or so. If you have a cat or dog, you can expect that most places will charge this in addition to the normal security deposit. It’s basically like good faith money and it is a one time fee. You give them a set amount of money and they hold on to it until you decide to move. They give it back at the end of your lease, when you move out, if the apartment is in the same condition it was in before you rented it.. They keep it if you have damaged the apartment. (This should not apply to normal wear of the carpets and stuff like that- it’s basically for holes in the walls, broken doors, broken appliances, etc…)

It’s pretty safe to say that the security deposit should be no more than the amount of the rent. So if this was the case, if your rent is $1500 a month, you would obviously pay that and then if they required a security deposit equal to the amount of rent, you would pay an additional $1500, which would be cashed, put into their trust account and refunded to you at the end of your lease. So you would be paying $3000 total. But many places will charge around half of the rent cost, so you may be only paying $500-$750 for the security deposit.

You may also have to pay an additional deposit for pets. Around here it’s normally like $300 or so. If you have a cat or dog, you can expect that most places will charge this in addition to the normal security deposit.

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