What is the Security Deposit used for and when do I get it back?

Admin

The Security Deposit is not an extra rent payment, nor can it be sued for your last month’s rent. Rather, it is used to cover the cost of any necessary repairs or cleaning after you move out at the end of your lease.  As stated in the Lease documents, the cost of cleaning the carpet and the apartment will be automatically deducted from the security deposit, if the apartment is not cleaned by an Owner-approved cleaning company and carpets professionally cleaned and deodorized by an Owner-approved carpet cleaning professional. In addition, the security deposit can be used for any damages, repairs, materials, painting costs and of course, any unpaid rent or other charges that were not taken care of before the end of the lease, including or any fees to change the locks due to unreturned keys. Security Deposit Dispositions are processed and mailed out within 45 days of vacancy or the end of your lease, whichever comes first, along with an itemized list of any deductions.