What is a security deposit and how is it used?

The security deposit is a set amount of money that is held by the landlord for the term of the lease. The money helps protect the landlord in case a tenant causes damage or incurs storage fees for items left on the property, among other things. The amount of the deposit varies from state to state and is typically reflected in the lease.

If the landlord is keeping money from the deposit, they must let you know why and how much. Most states require that the notice be written and itemized. Normal wear and tear is not an acceptable reason for deducting funds. Some ways to help insure that you get your deposit back include:

• Giving proper notice when you are ready to move out (these terms are in the lease)
• Returning all of the keys to the property
• Leaving a forwarding address
• Leaving the apartment reasonably clean

The landlord must return the security deposit (less any fees) within the time-frame set by the individual state that the apartment is located in. If they do not return the deposit, the tenant may take them to small claims court to attempt to recover the money.

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