Before moving into a rental unit, chances are your landlord will require you to pay a security deposit. And when the time to move comes around, you will be delighted to know that your security deposit will be coming your way. However, this is never granted.
Your landlord can make certain deductions on your security deposit, and it helps to have a clearer idea of the reasons why this can happen so you can take appropriate steps to ensure that you get this amount back in full. For starters, you may want to carefully read your lease contract’s fine print so you understand what you are getting into.
Here are two reasons why your landlord may make deductions on your security deposit.
You substantially damaged the property
As a tenant, you are expected to live in the rented property in a responsible manner and leave it in the same condition you found it when moving in. Of course, there is acceptable wear and tear. However, extensive damages to the property such as broken cabinets or doors, holes in the walls or cracked countertops can cause problems when leaving the property, especially if you were responsible for these damages.
This should not be a big surprise. If you are behind in rent at the time of vacating the unit, then your landlord may withhold your security deposit for purposes of settling the rent arrears. That said, it is important to understand that while your landlord can deduct your security deposit towards unpaid rent, you cannot use this money to cover unpaid rent.
When you move into a rental property, you will be required to pay a security deposit to the landlord alongside the first month’s rent. However, it is important to understand the circumstances when your security deposit may be held by your landlord.