How much security deposit should i ask for

In addition, if any deductions have been made from the deposit, the landlord must include an itemized list explaining the reason for each deduction and the amount being withheld. Other states require an itemized list but allows for 30 days before the security deposit must be returned. Keep in mind that you must have a legitimate reason for withholding all or part of the security deposit. A landlord who wrongfully withholds a security deposit or does not follow other parts of state law such as sending the deposit within the stipulated time frame could be liable if a tenant pursues legal action in small claims court.

A landlord who wants to help ensure there is no fuss over the tenant security deposit should consult his or her state laws. A detailed paperwork trail will help support any claims involving a tenant security deposit, especially in the case of damage. Of course, in an ideal world, the tenant leaves the property in great shape and the landlord can return the security deposit without any hassles. While there are no guarantees, conducting a thorough renter screening during the application process can go a long way to ensuring a landlord attracts responsible tenants in the first place.

TransUnion SmartMove offers a comprehensive screening process that provides tenant credit reports , criminal background and eviction records. By following a few simple guidelines, a landlord can effectively avoid some of the common pitfalls associated with the tenant security deposit. Download the Rent. All rights reserved. Terms of Service and Privacy Policy. How Much is a Security Deposit on an Apartment? Share Twitter Pinterest Facebook Linkedin.

When you consider moving to an apartment, you have to factor in all the costs. One of them is the security deposit. You probably know you need to budget for it, but how much is a security deposit on an apartment? Recent Articles. By Marcia Stewart. Most tenants who are moving out of a rental want their security deposit back as soon as possible, either to make a deposit on a new rental or for use in a down payment on a house or condo.

Unfortunately, some landlords drag their feet in returning the deposit, or wrongfully withhold money from the deposit. Your landlord must follow state law when handling your security deposit, which means using it only for certain expenses and returning it to you by a specific deadline. But not all landlords comply with—or even know—the law. If you've paid a sum of money clearly labeled " last month's rent " before moving in to a rental, you can obviously use it to cover the last month's rent before you move out.

In many states, this amount is considered part of the deposit when it comes to limits on total deposits. But if your landlord specifically collected a security deposit, don't assume you can use this money for the last month of rent unless you get the landlord's okay. Most landlords will typically want to hold on to the whole deposit until you move out, in case they need to make repairs or do extensive cleaning.

If you use part of the deposit for last month's rent, your landlord might not have sufficient funds to cover replacing items, making repairs, and cleaning the rental unit. Most states hold landlords to strict guidelines as to when and how to return security deposits.

Landlords who violate these laws may lose the deposit entirely or face hefty penalties. Every state's laws are different. Knowing your state's rules—when it comes to security deposit limits and deadlines for returning deposits —is crucial to making sure you get what you're owed.

Most states set a deadline, usually two to three weeks after you move out, for the landlord to mail you the following:. The general rule is that you are not responsible for normal wear and tear.

For example, if the dishwasher must be replaced because it simply wore out, that's ordinary wear and tear. If you're unhappy with your landlord's deductions, you don't get an itemization, or the landlord broke state security deposit law in some other way, try to work something out. If you come to an agreement—perhaps the landlord will return some of your deposit if you do additional cleaning—put it in writing and sign it. The agreement is a legal contract, and if the landlord fails to honor it, you can go to small claims court.

If negotiations don't work, write the landlord a demand letter asking for the return of the deposit. Many states require this before you can sue in small claims court, so if you don't make a written demand for its return, you risk losing your deposit altogether. Even if it's not required, a letter might motivate your landlord to act because it shows you know your rights and will insist on getting your money.

It has become common practice that security deposits are based on some portion of the monthly rent. Typically, one half or a whole month's rent is considered acceptable.

A third factor in determining the amount required from a tenant as a security deposit are the amenities of the property or of the unit. Some examples of amenities that could warrant higher security deposits are:. Of course, if your state has a security deposit limit, then you cannot charge a tenant more than that amount for the security deposit regardless of the amenities.

A fourth factor to consider when setting the security deposit amount is the amount charged by your competitors for similar units. Landlords find it is often in their best interest to keep their security deposits on a par with other landlords in the area so that tenants do not turn to other units.

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