Do You Pay Security Deposit Before Signing A Lease?

If you are moving into an apartment, you will likely need to pay a security deposit. This is simply the reality of renting. Security deposits serve as a safety net for both landlords and tenants. Typically, you will pay a security deposit when you sign your lease.

Do You Pay A Security Deposit Before Signing A Lease?

Typically, prospective renters will pay the security when signing the lease. Property owners or management companies want this protection in place before handing over the keys to an apartment.

Renters will want this protection, as well. The majority of landlords will allow renters to take note of any damages or flaws of the property upon move-in. When these issues are recorded, the renters will not be at fault when their lease agreement expires. Always do an apartment walkthrough, taking notes and pictures of any noticeable issues.

How Much Is A Security Deposit?

Security deposits ultimately depend on the cost of monthly rent. Most standard security deposits will be the equivalent of one month’s rent. So, if your monthly rent is $1,500, you’ll likely pay that same amount for the security deposit.

Some states do limit the security deposit amount required. Several other states, however, have no statutory requirements regarding security deposit amounts. Always reference your state’s tenancy laws ahead of time.

When Do You Get Your Security Deposit Back?

Again, this will vary based on location, but most states must return a security deposit within 30 days. Of course, landlords have the right to deduct damage costs from your deposit. Unfortunately, if damages exceed your security deposit amount, you may not get any money back.

Most states generally dictate the acceptable reasons for landlords to keep a security deposit. If you are a responsible tenant, you can get your full security deposit back upon moving out.