When renting an apartment, house or other type of property, you'll likely be required to pay a security deposit. A security deposit is a deposit renters pay landlords when renting with the understanding that they will get the money back at the end of the rental agreement so long as they keep the terms of the agreement. The purpose of a security deposit is to protect your landlord in the event you decide to vacate the apartment in the middle of the night with no notice to your landlord or in the event you damage the apartment while renting it.
Laws governing landlord-tenant relations differ from state to state. There are, however, general principles governing security deposits and when renters can expect to receive their security deposits. Generally, if you give proper notice to terminate your rental agreement, you vacate the apartment without owing rent, you haven't damaged the apartment or broken the rental agreement in some fashion, your landlord is required to return your security deposit. A landlord is generally required to return a renter's security deposit within 30 days of the termination of the lease or the renter vacating the apartment.
Should your landlord decide to keep a portion or all of the security deposit, he'll need to send you written notice specifically stating why he decided to do so within the same 30-day period. In order to retain part or all of the security deposit, your landlord will need to cite some sort of express violation of the rental terms or point to specific damage to the apartment that occurred during your tenancy.
There are a few issues to be aware of in order to ensure you receive your full security deposit back. Since your landlord can only keep your security deposit if you break the terms of the lease, you should make sure you understand the terms of the rental agreement so as to avoid breaking them. If you vacate the property without notice or break the terms of the lease, you will not get your deposit back. That, after all, is what it's there for. Likewise, if you damage the apartment, you won't get your deposit back. To avoid any misunderstandings as to what damage was caused by you, go through your pre-occupancy checklist thoroughly. This gives you the chance to identify any damage that exists to the property prior to you taking control of it so that you won't be responsible for it once you leave.
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If you are thinking of getting an apartment or renting a house, there are no doubt some questions that you will want to have answered before you make your decision. Deciding on a place to rent takes a lot of consideration. |
Whether it's an apartment, a town house, mobile home, or a house, renters have rights. Whether rent is paid weekly, monthly, or by the terms of a lease, both landlords and renters have responsibilities as well as rights. |
