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Security Deposits

If you are renting an apartment, a condominium or a house, it is extremely likely that you will need to pay a security deposit in advance of your rent. The amount of your security deposit is influenced by a few factors:

Security deposits are generally one or one and a halfs months rent. You may ask where your security deposit goes... by law, your landlord must place your security position in an interest bearing account for the tenure of your lease. Provided that you leave the space in the same condition you began renting it, your security deposit will be returned within 14 - 60 days. Your security deposit is used solely to cover any damage that you, the renter, have created - incidents caused by mother nature or circumstances outside of your control will not be paid for using your security deposit.  If your belongings are damaged due to acts of nature - be sure to see our article on renters insurance! Ensure that before your move into your new temporary residence, you report any damage that currently exists to your landlord so that you are not charged for it when your lease expires. Lastly, be sure to read through your lease carefully, if you are not sure have a friend check it out as well!