Understanding Security Deposits

Learn about security deposits

What to Know About Security Deposits

When renting an apartment, the property manager will ask you to pay a security deposit. Now if you have never rented before, you may wonder what a security deposit is and why you need to pay it. A security deposit is money you pay before you move into your apartment. The purpose of the security deposit is to cover the cost of any damage to the property after you move out. The amount of the security deposit will vary and is loosely based on the market rate, monthly rent, and amenities. In addition, if you have a pet, you will probably be asked to pay a separate pet deposit in the event your pet causes any damage to the apartment.

Before you move into your apartment, the property manager should do a walk-through with you and document the condition of the floors, carpet, walls, paint, appliances, etc. When you give your notice to move out, the property manager should do a final walk-through with you to see if you and/or your pet have caused any damage. If damage is noted, the amount it costs to repaint, replace carpeting, etc., will be deducted from your security deposit.

After you’ve moved out, your security deposit should be returned to you. That’s why it’s important to leave your new address with the property manager. How quickly you receive your security deposit is determined by state law. If there were any deductions from your security deposit, the property management company will enclose an itemized statement for damage repair along with your check.

To improve the odds of getting your security deposit back, make sure to thoroughly clean your apartment before you move out and repair any minor damage such as holes in the wall from hanging artwork. Take photos of all rooms to document the condition you left the apartment in. What you don’t want to do is use your security deposit as your last month’s rent. If you try to do that, you will receive a bill for rent due or your property manager can take you to small claims court. By the same token, if you believe you are being unfairly charged for damages or the property management company fails to return your security deposit, you can take them to small claims court.

Make sure to read your lease carefully, particularly on the clauses addressing security deposits. If you are a reliable resident, pay your rent on time, and take good care of your apartment, you stand a good chance of receiving the full amount of your security deposit when you move out.

Explore a Vision Community Apartment

At Vision Communities, we make the security deposit process as simple as possible so you can enjoy your living experience in our apartment communities. We have floor plans that provide your personal space and spacious common areas for you to hang out with your roommate and friends. Our spacious, studio, 1 bedroom2 bedroom, and 3 bedroom apartment layouts provide cozy space. Check out our luxurious apartment floorplans in one of our communities and enjoy life at the VC.

Schedule a tour today and see why Vision Communities is a great place to live.

BACK

Engage With Vision


Vision Companies
2935 Kenny Road
Columbus, OH 43221
Online Inquiry
I'm interested in:(Required)
Name(Required)
This field is for validation purposes and should be left unchanged.