Lowered rent now Tenant wants refund from Security Deposit?

[Cynthia Dimitroff]

Market dictated we lower the rent, now tenant wants the difference refunded from the security deposit.

They are good tenants & he is an accountant, so really into number crunching.

Thoughts?

[Linda Weygant]

If your lease states that you are holding last month's rent and security deposit valued as a month's rent, then yes.  (ie, tenant pays first and last month's rent at move in plus one month's rent to be held as security against damages).

If your lease states a dollar amount being held as security deposit, then no.  (Tenant pays $1500 at move in a security against damages).