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Rental Deposits

Rental deposits, also called security deposits, are commonly requested by landlords when renting out properties. Rental deposits are paid by tenants to landlords, who hold the funds and may use them to pay for any damages to the property. Laws regarding the amount of rental deposits and how they are to be used and returned vary by state. Generally, rental deposits are equal to one month's rent, though the amount can vary. Rental deposits are held until the tenant moves out of the property; the landlord then assesses any damage to the property and deducts the amount of damage from the rental deposit. Any remaining money is then returned to the tenant. If the landlord makes deductions for damages, the landlord must provide the tenant with a detailed list of the damages as well as repair estimates or repair bills. If a landlord fails to return a security deposit within the prescribed amount of time, a tenant may sue the landlord.

Fast Facts

  • Laws vary by state, but typically a rental deposit must be returned, minus any deductions, within 30 days of termination of tenancy.
  • In Nevada, landlords may request up to 3 month's rent as a deposit.

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  • Injuries on Rental Property

    Any landlord that owns property and leases or rents it out to tenants should have liability insurance on the p...
    • Site: lawfirms.com
  • Leases and Rental Agreements

    Renting your property without a written rental agreement or lease is a bad idea and could create problems down...
    • Site: lawfirms.com
  • Tenant Screening and Rental Agreement

    Landlords need to be cautious when screening tenants to avoid getting a bad tenant. Good tenants save landlord...
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  • Security Deposit Disputes and Laws

    A security deposit is an advance rental payment that is usually collected by the landlord prior to or at the t...
    • Site: lawfirms.com
  • Security Deposit Overview

    A security deposit is an important part of the rental process because it secures the property for the tenant a...
    • Site: landlordtenantlawfirms.com

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