Apartment Living 101: your Security Deposit
Posted on July 10, 2009
Filed Under Apartment Living | 9 Comments
“When you rent an apartment, you will most likely be asked to pay a security deposit. In many cases, the security deposit is equivalent to one month’s worth of rent, though it might be more. Your landlord is within his or her rights to request that you pay a security deposit, but there are several things you should know about the security deposit before you sign a lease agreement and move into your apartment.
What is the Security Deposit For?
When you rent an apartment, you will likely be asked to pay a security deposit in order to protect the landlord. If you fail to make your monthly payment or if you break your lease, the landlord may be able to keep your security deposit in order to recoup the loses he or she experiences. Similarly, if you cause damage to the apartment before moving out, your landlord can keep the money or a portion of the money in order to make repairs to the apartment.
If the landlord does keep all or a portion of your security deposit when you move out, he or she must provide you with a detailed account of why the money was retained. For example, if you caused damage to the apartment, the landlord must detail that expense and demonstrate why the money was retained.
What is a Security Deposit NOT For?
Some unscrupulous landlords will attempt to keep a security deposit when a person moves out of the apartment, and some get away with it because their former tenants simply do not know their rights.
One thing that a security deposit is not for is wear and tear. If the dishwasher in the apartment needs to be replaced because it has worn out or the walls need to be repainted because the paint is getting dull or discolored, you are not expected to pay for these expenses.
In most states, landlords are required to return a security deposit within 30 days after the tenant moves out of the apartment. It is a good idea to check with your state if you are uncertain about the timeframe your landlord has.
Preparing for Disputes
If your 30 days has come and gone since you moved out of the apartment and your landlord still has not returned your security deposit, it may be time to file a claim in small claims court. In order to prepare for this possibility, you should always document the condition of the apartment before you move in as well as at the time you move out. Taking photographs is also a good idea as this will give the judge a visual idea of the condition of the apartment both before you moved in and after you moved out.
Although no one anticipates having difficult with getting their security deposit back when moving out of an apartment, it is always a good idea to plan for the worse situation. That way, you will be protected regardless of the situation.”
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Help answer the question about apartment living expenses
What type of loan do I take out for apartment, living expenses, and school?What type of loan do I take out for apartment, living expenses, and school?
I'm transferring to an urban area and I need housing (that will also accommodate my dog).
I looked on Sallie Mae, for instance, but I don't know what kind of loan (student loan preferably) or what company will give me a loan for not only tuition etc… but for rent and living expenses?
What companies should I look at?
What types of loans?
I do not qualify for federal aid at all (because of my parents, not me, and they are unable to help me because they care for my grandmother).
Any tips?
I should mention that I really don't have any credit – just loans that are still being put off until after I graduate. I mean, I co-own a car with my mother that we have never made a late payment on, but she is the primary owner.
And yes, I have applied for federal aid and was denied.
The school will not give me financial aid either, so we're looking at loans.
About Author
Eric Bramlett is the broker & co-owner of One Source Realty in Austin, Texas. Eric currently manages his Austin Apartment Locator Guide, his Southwest Austin Apartments company’s website, & his Austin rental agent Guide.
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9 Responses to “Apartment Living 101: your Security Deposit”
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i’ve enjoyed your videos and they are very interesting
Just curious have you been able to save while living in Japan? I know some people go abroad to teach so that they can either save money to payoff loans or pay for graduate school.
So Grand Fuji is the Japanese Walmart
who braids your hair in japan?
i like your sweater too, nice vid.
45 mins a month did i hear that right? what do people only text?
Mouse urinating on cotton…LOL
I like your sweater : D
you look pretty in this vid