What Will Happen to Your Rental Security Deposit?

Many of the people renting for the first time wonder what a rental security deposit is and they sometimes get that confused with paying the “last month’s rent” along with the first months payment. A rental security deposit is separate from any other payment. It is allocated to its own account and does just what the title indicates. Cape Coral property management companies handle collecting and managing security deposits for their clients.

A security deposit is a payment or deposit given to the landlord that is held for the duration of the tenant’s contractual agreement with the landlord. It is held in a bank account separate from money being collected for the monthly rent and typically collects interest from the bank in which it is being held. The security deposit is then returned back to the tenant upon their vacating the premises plus any interest the money accrued. Many tenants opt to use part of all of this security deposit to pay their final month rent but they do need permission from the landlord to do so. The landlord has the right to deny that request for they may need that money to replace or repair any damages that occurred during the tenant’s stay.

The security deposit amount is usually equivalent to a full month or month and a half rent being collected from the tenant to reside at the property. The security deposit is expected along with the first month rent before access is gained by the tenant.

Damages that can occur and are included in a landlord or SWFL rentals company decision whether or not the security deposit needs to be used are usually caused by pets that resided at the property. Reasonable wear and tear which is normal to occur is not part of this decision. As soon as the damage goes beyond the normal “wear and tear” is when the security deposit would be used.

Here are some examples of damages that can be considered outside normal wear and tear deducted from the security deposit:
  • Tile and fixtures in the bathrooms are broken;
  • Walls are broken;
  • Tears or burn marks in carpets and curtains;
  • Clogged toilets and drains due to misuse;
  • Broken windows, doors and locks;
  • Animal stains
  • Broken appliances.

These are just some of the events that can be covered by the security deposit. The moment that the tenancy ends, the landlord is given a span of time normally 30 days before the security deposit or what remains from that payment can be returned to the tenant. Cape Coral property management should give a list of the repairs and expenses where the security deposit was used over the tenant’s stay for the convenience of both parties.
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