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Security Deposit
Leases commonly require tenants to pay a security deposit in an amount equal to one or two months’ rent. The deposit protects the owner against the tenant’s failure to pay the rent and against damage to the residence caused by the tenant. Federal law limits the amount of the deposit for federally subsidized housing and some state and local laws regulate deposits.
The owner is entitled to use the deposit for unpaid rent and to pay for repairs if the tenant damages the property beyond ordinary wear and tear. The owner may also retain all or a portion of the deposit at the termination of the lease for any unpaid lease obligations.
Owners are usually required to return a security deposit, less withheld amounts, within a certain number of days after the end of a lease If the security deposit is not returned, owners ordinarily must inform tenants in writing of their reasons for withholding the deposit. Tenants can go to court to recover damages, and sometimes reimbursement of legal fees, if an owner fails to return a security deposit as required by a lease or law.
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