Property Manager Canoga Park

What is a Security Deposit?

A security deposit is an amount of money—ranging from hundreds to thousands of dollars—that a tenant pays a landlord or property manager at the beginning of a lease, above and beyond the first or last month’s rent. The security deposit check is typically kept by the landlord or property manager in a separate, interest-bearing bank account; and it’s returned to the tenant when he or she moves out at the end of their lease. However, if a tenant damages the property, the landlord or property manager will use some or all of money in the security deposit account to pay for repairs.

The security deposit has long been a bone of contention between tenants, landlords, and property management companies. Some courts are awarding double damages to tenants suing their landlords for not returning their security deposits.

This post will provide guidance for property managers, landlords, tenants, and others navigating the issue of security deposits. It will discuss the laws in each state, provide advice from landlords and property managers, and address commonly asked questions about security deposits.

From: https://www.buildium.com

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