You are getting ready to move into your new apartment, and you have been asked to pay a security deposit to your landlord as an upfront payment to protect their investment.
You know that this money will be returned to you when you move out of the apartment, but you might be wondering why this payment is even necessary in the first place. Here’s what you need to know about security deposits from your landlord
What are security deposits from your landlord?
Renters are typically required to pay a security deposit, usually one month’s rent, before they move in. The landlord or property manager can use it for unpaid rent or damages when you move out. You don’t have access to it while you live there and have a right only to its interest if any; you do get your deposit back at some point—you just may need to put up a fight. It’s important not only to understand what your rights are as a renter concerning security deposits but also what options are available for dealing with issues that may arise between you and your landlord.
What is the purpose of security deposits from your landlord?
Security deposits serve a few purposes. First, they help protect your landlord by ensuring you pay for any damages you cause during your tenancy. Second, if you leave without paying your last month’s rent and/or giving proper notice, it gives landlords more time to find a new tenant.
Finally, it encourages renters to treat their rental unit with care—since they’re responsible for keeping everything in working order when they move out. If everything is in working order when you leave, your landlord can apply that security deposit toward your last month’s rent (plus cleaning costs).
A security deposit is a sum of money that a landlord requires tenants to pay before they move into an apartment. It’s intended as a guarantee that tenants will return the space in good condition. The amount you pay can vary greatly; it depends on factors like how long you plan on staying, your credit history, and your current housing situation. But if you’re moving out, it’s in your best interest to understand when and how much money you should expect back—otherwise, you could get into trouble for violating any part of your lease agreement.