To get a security deposit or not?

[Nik Moushon]

I've read and listened to several stories of landlords just forgoing the traditional security deposit altogether. They claim the hassle and potential legal troubles are just not worth it to them. As a new landlord, this seems odd to me...or at least very out of the normal. Does anyone else do something like this? I didnt think taking a deposit was that much trouble. I know you hold it in Trust and have to give it back in X number of days but thats about it. Is there anything big I'm missing that I should consider NOT taking a deposit? I'm in WA btw.

[Ben Wilkins]

A security deposit helps invest the tenant in the property - if they have money "on the line" so to speak, they're more likely to take a little better care of the place. The mention of "security deposit" and "application fee" also helps weed out the tenants I don't want to deal with - a lot of them flee like cockroaches before the sunlight at those terms