Home Rental Security Deposits – Info To Know To Rent

In most cases when you rent a home it will be mandatory for you to pay a security deposit. There is no “typical” amount for you to be charged for a security deposit across all of the states, although most states do have some sort of cap or limit on how much can be charged. In most cases the deposit is not in excess of up to two months’ worth of rent.

The money from the security deposit is typically reserved for fixing major damage and making major repairs that you, the renter, happen to cause. The security deposit can also be set aside by some landlords to go towards a missed or late rent payment. In many states the law requires the security deposit to be inserted into an account that can only be accessed for the purposes mentioned above. Normal wear and tear on a house is expected over time, so in some states landlords are prohibited from taking the costs of wear and tear items out of the deposit.

Items that are considered to be normal wear and tear include things like carpet cleaning, new paint, or even house cleaning. In some cases the renters and property managers have worked out an agreement to have the carpets cleaned upon moving out, but this is typically subject to the landlord’s preference. Also, if you or any renter is particularly hard or damaging on the property, the landlord will most often win a case to keep most, if not all, of your security deposit when you move out.

The best option to ensure that you will be getting your security deposit back is to keep the house in the same condition (or better) than when you rented it. A landlord will respect a person that can take care of a home well, keeping it clean during the duration of the stay as well as upon leaving, and it will also be beneficial to you as the renter to receive your deposit back. Taking photos upon moving in is also considered to be a smart idea because it eliminates any chance that a landlord attempts to pass blame for a problem on to you as the renter.

If you have questions or concerns regarding security deposits we advise contacting a real estate agent in your area or your state Attorney General’s office.