Updated over 6 years ago on . Most recent reply
Security Deposit - One Renews, One Leaves
I have a lease ending where one tenant wants to sign a new lease and the other is moving on. I understand that I will need a new lease for the remaining tenant, but how do I handle the existing security deposit. Half of the deposit was paid by each tenant.
The current lease ends on July 31... when the soon-to-be former tenant will move out. I would like to submit a new lease to the remaining tenant within a few days.
I would love to hear your thoughts on determining responsibility of any existing damages, returning the amount owed to soon-to-be former tenant, and collecting additional half of security deposit from remaining tenant.