Renters: Make Sure Your Security Deposit Is Safe

Renters: Make Sure Your Security Deposit Is Safe

For those of us considering moving out of our rentals, securing your security deposit can be a make-it-or-break it moment for our finances, as you will most likely be needing a security deposit for wherever you’re headed. Unfortunately, many renters never see their security deposit again. Recently, Rent.com surveyed 1,000 U.S. renters, and the results were startling:

• More than a quarter (26 percent) of all renters have lost their security deposit at some point

• 37 percent of men and 44 percent of 18-24 year olds said they did not get their deposits back because they moved out early

• More women (9 percent than men (3 percent) lost a deposit due to pet damage

• 36 percent of renters who did not get their deposits back said the landlord gave no explanation.
  • This is likely illegal although tenant/landlord laws vary by state but according to several state law sites (ag.ny.gov, ca.gov, oag.state.tx.us, illinoisattorneygeneral.gov, mass.gov) the landlord must return the deposit less any lawful deduction.

If you’re renting, review the following tips—provided by rent.com–for maintaining your apartment

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