What is a security deposit on a apartment?

Question

Let's say I find a place that is 800 a month for rent. they require first and last month rent then a security deposit. What is that for? if I was to move out one day I would have the last month covered right? would they refund me security deposit? I'm so sorry for the dumb question I have never had my own place to live but I will be searching soon.

Answer

The security deposit is to ensure that your not gonna trash the place and bounce. It's usually equivalent to one months rent. Upon inspection, if there's no major damage once you move out, security deposits are usually refundable

Answer

A security deposit is basically for damages on the place. Say you rented out an apartment. In the third month of your stay, you accidentally knock a giant hole in the wall. You'd lose your security deposit because it'll help pay for the damages

Answer

You have to pay first, last and security deposit?! Usually it's only first and last months, or first month and security deposit.. anyways, security deposit is a refundable fee that will pay for any damages that are done to the place while you are living there. Just make sure you inspect the apartment before moving in and bring any problems/damages to the property managements attention so you won't lose your security deposit when you move out.

Answer

The damage deposit is to cover any damage you do to the place. It also may cover the cost of cleaning it when you leave if it's not cleaned to the renters specifications. If there are no damages and you clean up after yourself when you move out you'll get the damage deposit back fully. Some landlords will state in the lease if you decide to break the lease early they have the right to keep your damage deposit, but not all of them do. I had to end my last lease early due to financial reasons and I was upfront and honest with my landlord and gave him plenty of notice before leaving. I never had any issues with him and he was very reasonable so he gave it back to me

Answer

Know your rights and read your local tenancy laws. That's the only way you can protect yourself.

Answer

Be careful some landlords use the nonrefundable clause

Answer

I live in Mississippi, & where I live a security deposit is the same as the rent. Like upfront you pay first & last months rent, so if you were to just bounce they would have their money.

What is a security deposit on a apartment?

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