What is a Security Deposit and Will I Get It Back?
Explanation of security deposits and how to ensure you get your money back.
Security Deposit
A security deposit is a sum of money collected by a landlord that protects the rental property in case of any damage caused by the tenant. A security deposit can be between a week’s worth of rent to a month’s worth. In addition to the security deposit, the landlord may request a portion of the rent. Make sure you have enough money to cover these costs.
It is important to understand the terms and conditions under which the security deposit will be returned. Be aware that in some situations, a portion of the security deposit may be nonrefundable and used as a cleaning fee.