Go ahead, do some damage!!!

[Jamie Montpellier]

How many of you ask for a damage deposit?

How much is the right amount?

When do you get it? With your monthly deposits? before? After?

How many of you do a pre-inspection? Do you find it makes a difference?

Cheers!

[Marcia Maynard]

We require security deposits. We do not call them damage deposits, pet deposits, utility deposits, or anything else. If it is called a security deposit, we can use it for any number of scenarios upon move-out, such as unpaid rent, unpaid utilities, unpaid fees, missing items and damages.

We set a base amount for each unit, depending on the size and type of unit. If we accept a tenant who is greater risk, we will require an additional security deposit, which we explain up front in our rental criteria.

Some jurisdictions restrict the amount and manner in which you can obtain a security deposit or other deposits, and under which circumstances the landlord can retain some or all of the deposit after the tenant vacates the unit. It is imperative to check the landlord-tenant laws for the jurisdiction of the rental property.

We collect the security deposit upon signing of the lease/rental agreement and do the move-in condition property inspection report before we hand over the keys.