If you are a first-time renter and don’t have experience with security deposits, you may not understand the entire process or each party’s responsibility. Today we discuss how rental security deposits work plus some best practices for getting your full deposit back after move-out.

Let’s begin with defining a rental security deposit. This is a set amount of money that tenants pay before moving into a rental property. The funds are held by the landlord throughout the duration of the lease and are either returned to the occupant or withheld for damages or unpaid bills upon move-out. That said, always read your lease carefully for any specific terms or requirements.

00:41 – What is a Rental Security Deposit?
01:25 – Common Reasons for Security Deposit Deductions
01:30 – Nonpayment of Rent
01:42 – Breaking the Lease Early
01:57 – Unpaid Utility Bills
02:08 - Major Damages
02:34 – Examples of Tenant Damage
02:48 – Examples of Normal Wear and Tear
03:04 – Significant Cleaning Costs
03:28 – 3 Tips to Get Your Deposit Back
04:30 – Understanding the Law and Your Responsibilities

It is important to realize that landlord-tenant laws vary a bit in each state. In general, laws will dictate the maximum amount a landlord can charge for a deposit, along with special provisions such as –

• How long the landlord has to return the deposit after move out, which is typically 30 to 45 days.
• And whether or not a landlord needs to provide an itemized list of any deductions or damages. Although, regardless of the law, this is standard practice for any reputable property management firm.

As a renter, it is vital that you know and understand your specific rights and responsibilities. Along with researching any applicable local laws, always carefully read your lease agreement. Be sure to ask any questions before signing this legally binding contract.

For more advice on a variety of other issues important to the rental industry, subscribe to the Bay Property Management Group channel and don’t forget to hit the notification bell so you never miss out on exclusive content. Also, be sure to check out our Blog via the link in the description below for tips on finding your first rental home along with everything from common maintenance procedures to damage-free decorating ideas. If you liked this video, please give it a thumbs up or leave a comment down below. Thanks for watching and we will see you on the next video!

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