Renting: Security Deposit Information and Facts

A security deposit is always required when you rent an apartment, duplex or rental unit. Once you pay your security deposit and the keys are turned over to you, you must obey all of the rules pertaining to the rental or you may lose your security deposit. A security deposit is basically an advanced payment towards your rental fees. If something happens to your unit and you are at fault, the landlord has the right to keep a portion or all of your security deposit.

Different landlords will require different amounts towards a security deposit. Usually you will have to pay at least one months rent towards your security deposit. If you are paying $600 for rent each month, you will have to pay $600 for a security deposit. Sometimes, you will be required to pay up to two full months rent as a security deposit. If the tenant is over a certain age, they are only required to pay one months rent towards the security deposit. It is rare that you will have to pay two full months rent as a security deposit.

What most people don't know is that security deposits are supposed to be placed into an interest account at a local bank. The amount of money made in interest is supposed to be passed along to the tenant because this remains his or her money unless it is forfeited over because of late payments. If you pay rent late, even one month, this money will be forfeited and the landlord has the right to keep this money.

In order to get your security deposit back you will need to provide written notice for when you plan to vacate the unit. Most places will require at least a 60 day written notice. You must also provide a new address where your security deposit can be returned to. If you want to get your security deposit back, you must fix any damage that you caused to the unit or rental. Keys should also be returned on the day that you must vacate. You must be out by the end of your lease date.

The landlord is required by law to provide you with your security deposit and a written notice stating what charges were taken out from the security deposit. This must be done within 30 days. This is why it is important to provide a written letter with your forwarding address. Without this, the landlord has extra time to find your new address. If the landlord does not give you your security deposit back within 30 days and you provided a return address, the landlord may be forced to pay you twice as much as you paid for the initial security deposit. For this to happen, you must take the landlord to court.