What is a Security Deposit?
A required, yet refundable, payment to the landlord when the landlord and tenant sign the lease. It is usually the amount of one or two month's rent. When the lease ends, the landlord must return the security deposit if no violations of the lease have occurred. The landlord may keep part of the security deposit if there are any documented damaged to the property as outlined in the lease.
Tips to ensure you get your security deposit back:
• Take pictures and videos of the entire property prior to moving in furniture.
• Document everything from floor to ceiling.
• Make a list of all repairs in writing and keep a copy for your records.
A security deposit is refundable within 30 days after your lease ends, as long as:
• You are up-to-date on rent.
• The property is returned in the same condition as it was received.
• You have provided a forwarding address.