The vast majority of all apartment complexes are going to charge a security deposit to protect against future damage the tenant may incur during their time renting the apartment.
This is part of the rental landscape and something that you should expect every time you apply to rent a new apartment.
Now, there ARE some exceptions to this. Sometimes, you may see on apartment rental sites such as apartments.com or rent.com that there may be listings for “No Security Deposit Required”. What does this mean? Exactly what it says it means. You can rent the apartment without paying a security deposit.
Many times, these are low-income or assisted housing that can give that deal to help with renting to tenants with good credit. But by and large, the rule of thumb for apartments is that you are absolutely going to have a security deposit when you rent.
Additionally, you are more than likely going to see an extra security deposit if you are going to have pets in your apartment as well. Your pet may be the sweetest little pooch on earth, but not all are, and some pets can and do cause serious damage to the apartment. So be prepared to pay a bit more for Fido if he is moving in with you as well.
Why Do Landlords Require A Security Deposit?
Landlords are not charging you a security deposit just to get more money out of you. Security Deposits are a way to protect the asset that they are allowing the tenant to live in a occupy during the term of the lease.
As you know, people can be hard on things. This especially includes the places we live, because we are literally using them on a daily basis. Things happen, kids run around and color on walls, etc. Other times, there is flagrant damage done to the property that is going to cost the landlord a lot to money to fix.
Security Deposits are made to prevent these things from ever coming up in the first place.
When the tenant knows that a month’s rent, or even more, is being held by the landlord until the final day that they walk through when you move out, it is a HUGE incentive to them to treat the property nicely. Otherwise, they won’t be getting their deposit back.
It is also an incentive for the tenant to make sure they pay their rent. If they skip out on the last couple of month’s rent, they aren’t going to be getting their security deposit back.
What Is The Average Security Deposit For An Apartment?
There are different rules for how much you can charge for a security deposit depending on what state, and sometimes even which city, you live in. Overall though, most landlords are able to charge between 1- and 3-month’s rent for a security deposit.
You might find yourself charged a higher security deposit if you are renting a higher-end apartment. There is simply more risk there for the landlord to cover, and a higher deposit is an excellent way to protect his investment.
Another time you may see a higher than normal security deposit is if you have bad credit or something untoward on your background check. Don’t think of that extra security deposit as your landlord charging more for your apartment just because they can. They are simply giving a higher probability to themselves that you will pay the normal rent on time and will not cause any damage to the apartment in the meantime.
The higher security deposit offsets the higher amount of risk a tenant with a subpar credit history or past.
Does A Security Deposit Hold An Apartment?
Some people ask the question of whether when they pay a security deposit to a complex if that holds the apartment for them.
The answer to this is: It depends on the deal you make with your landlord.
You may want that apartment on the third-floor way off in the corner that overlooks the lake and are willing to give the landlord a deposit for that apartment right here on the spot. But you aren’t wanting to move in for another month and a half when your lease is up at another complex.
Does your landlord have to hold the apartment for you?
Technically, no he doesn’t. But if you are willing to put the money up for the security deposit and have an agreement with them about which apartment you want specifically, then more than likely they are going to honor that agreement. If for some reason they don’t and rent the apartment out from under you, you probably don’t want to be renting in that complex anyway. Ask for your deposit back and move on.
But really, you don’t have to make it any more difficult than it is. Just ask the landlord if your security deposit will hold the apartment for whatever amount of time you are asking for and see what they say. The worst thing they can say is no.
In conclusion, you should just figure that security deposits are going to exist if you are going to rent an apartment. The deposit is there to protect the landlord against potential damages that the tenant may cause during their stay. But if they don’t cause any damage and are a good tenant, they will get their deposit back.
While there ARE apartment complexes that don’t charge a security deposit, these are the exception rather than the norm. The other place you may find a landlord who is willing to forego charging a security deposit is a small, private complex with just a few units. In this case, you may be able to talk the landlord into not putting up a security deposit if you can show you are a good risk to take and have been a good renter and tenant in the past.
But for the vast, overall majority of apartment rentals, you are going to have a security deposit.
