May 11
Tip on security deposits for apartments
Paying a security deposit of one month’s rent is typically required of anyone moving into a rented apartment.
The landlord remains in possession of the deposit until you move out. At that time, any cleaning
or repair costs, or unpaid rent, will be deducted from your deposit,
and the balance returned.
Most states have laws regarding how landlords must treat security deposits. Typically, landlords have to place the money in an escrow account separate from their normal operating account. Landlords may be required to pay you interest on the deposit, and might also have to return the deposit to you within a specified time after you vacate the premises.
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