We all know that when one renting an apartment in order to get the keys and move in they must submit first month rent and security deposit. What most renters do not know us the difference between down payment, security deposit, deposit holding and which one of the is refundable.
Why Do Landlords Take a Deposit?
The answer is very simple — to have something in hand in crease the lease holder defaults the lease agreement. The real question is how do landlords defining that amount.
According to the blog by Apartments Near Me: Why Do Landlords Take a Deposit?
“The cost of the security deposit is based on the discretion of the landlord, the local neighborhood and state law. There are certain districts that charge a higher security deposit than others making it harder for low to average income families to rent these areas. The security deposit should always be fair in relation to the monthly rent and the applicant rental history.”
So basically what they stating is that the deposit is based on the risk of the applicant and the local laws applied for the security deposit.
Is the rental deposit refundable?
There is no easy answer — its all based on the case. If the deposit was put down to hold an apartment before the move-in and the renter decided not to move in, than its non-refundable. On the other hand on moving out, in order to get the money back the lease agreement should be fulfilled. Property inspection should be conducted, landlord and tenant should seek for damages to the apartment and by that it’s been decided how much of the deposit will be returned.
Apartments near me suggests to read the full lease before signing so you would know what my damage you odds of return of the deposit. Usually the lease lingo is hard to understand so make sure to ask the right questions.
Always do your research before renting a new apartment. you can also check out our other guide: How to rent an apartment
