A security deposit is an amount of money paid to property owners, by renters, at the beginning of their lease term as a fallback in case tenants skip payments or damage the property.
When a lease agreement is over, property owners return the security deposit to tenants if the property is in good shape and there are no outstanding debts.
The amount of a security deposit will vary from one property to another. However, some states have laws protecting renters against excessively high-security deposits.
Some property owners will set an arbitrary, flat-rate security despot and others will use a system based on the monthly rent amount and length of the lease to determine how much is owed as a security deposit.
The choice to return money from a security deposit at the end of a lease is up to the property owner, but there are things that will help and hurt your chances of getting it back.
Make sure you complete an apartment walkthrough with your landlord or property manager before moving out to ensure everything is in order.
You might know that you aren't the type of person to treat your rental unit or property owner poorly. Regardless, property owners have a lot at stake when they entrust someone else to take care of their property, which is why they require security deposits.
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