When moving into an apartment rental, you’ll be asked to pay not only the first and last month’s rent, but also the security deposit. Many tenants are weary of paying a high security deposit (often the amount of one month’s rent) because they’re not sure if they will ever see their money again. However, that’s not necessarily the case if you know what the security deposit should and should not cover. Just because you pay the landlord $1,000 for the deposit doesn’t mean that it won’t be returned to you upon moving out (and hopefully in full) of the apartment rental. What the security deposit covers
The security deposit covers any damage you or any of your roommates might have caused during the term of your apartment rental lease. Some examples of damage that you might be expected to repair are the following: stains or cigarette burns in the carpets; ripped linoleum; broken shower doors; and scratches on hardwood floors. If you do happen to cause any damage to your apartment, try to repair it before you move out. That way, you’re probably end up saving some money on the repairs instead of your landlord taking out a hefty percentage from your security deposit.
What the security deposit doesn’t cover (what you won’t be liable for)
Your contract should state that you wouldn’t be liable for normal wear and tear of your apartment rental. Normal wear and tear includes such items as faded paint, dull floors, or worn carpet. For example, if you have been living in your apartment rental for three years and the hardwood floors have become dull in that time period, your landlord should not charge you for buffing or re-waxing the floors. Likewise, if your bedroom carpet has become threadbare, you shouldn’t be responsible for paying for new carpet. It’s part of the general wear and tear of living in a place.
How to protect yourself
During your rental period, invite your landlord in and just mention any normal wear and tear items. That way, he’ll be aware of the issues before you even vacate the apartment rental. For instance, if you notice that the kitchen linoleum is starting to come up in the corners, show it to your landlord so it can be repaired (at his expense) prior to you moving out. |
