When you pay a security deposit to your landlord, what happens to that money? Do landlords just hold onto it until you move out? Here are some of the things landlords can do with security deposit money:
Use It for Repairs or Damages
If there is any damage to the property when you move out, the landlord can use the security deposit money to pay for the repairs. This is common practice, and is outlined in most lease agreements. For example, if you damage the wall with a nail while hanging a picture, the landlord can deduct the cost of repairing the wall from your security deposit.
Send It Back to You
If there is no damage to the property and you have followed all the terms of your lease agreement, the landlord is legally obligated to send the security deposit back to you.
Give It to the Property Owner
Landlords can choose to give all or part of the security deposit money to the property owner. This happens if the landlord is not responsible for damages done to the property and does not want to keep the money themselves.
Use It for Rent Expenses
In some cases, landlords may choose to use part or all of the security deposit money for rent expenses. This is legal as long as it is outlined in the lease agreement.
Put It Into a Maintenance Fund
Some landlords choose to put security deposit money into a maintenance fund. This is a special account that landlords use to pay for repairs and other property maintenance costs.
Pay for a Security System
Landlords can use security deposit money to pay for a security system for the property. This can help landlords keep their tenants safe and make sure that their property is protected.
Hire a Property Manager
If landlords are too busy or do not live near the property they are renting out, they may choose to use security deposit money to hire a property manager. This way, they can be sure that the property is being taken care of properly.
Overall, landlords can use security deposit money for a variety of things, including repairs, damages, rent expenses, and maintenance costs. It is important to be aware of these possibilities when you are considering renting from a landlord. Make sure you understand the lease agreement before signing it.
If you are looking for off-campus housing, Wharton Rentals is a great option! They have a variety of properties available, and they offer flexible lease terms. They would be happy to answer any questions you have about their properties and secuirty deposit procedures. Visit their website today at www.whartonrentals.com.