The security deposit is an amount of money that you will pay to the landlord when you first want to move into the apartment, usually right after you sign the lease and make the rental agreement with them. This is an important amount of money because it is your financial stake in taking good care of the apartment. If you do a good job taking care of the apartment and there is no new damage beyond normal wear and tear, then you will get that security deposit back. If there are some problems with the apartment, then the landlord can take some, or all, of the deposit and use it the way they would like to fix things up

 Now, there can be a good deal of time between when you pay the security deposit and when you decide to move out. You may be in that apartment for two, three, or even more years. What is the landlord supposed to be doing with that money in the meantime? The exact rules that they need to follow will depend on where you live and what the state and local laws are at the time. But in all areas, the landlord is expected to properly manage that security deposit.

All landlords will have the right to require that a potential tenant will pay for the security deposit. But what they decide to do with that deposit can be a different story. For example, just because the check is usually written out to the landlord doesn’t mean that they can go and spend it how they want. They need to keep it reserved for when you move out and to help pay for some of the damages or missed rent when you are done living there.

As a tenant, you will need to read through the lease to figure out what the landlord is supposed to do with the deposit and some of the specific reasons that they can choose to withhold the deposit from you. Knowing these rules can help you prepare when it is time to move out of the apartment.

It is sometimes the little things that matter when it comes to finding a good apartment that is all your own. And choosing an apartment that has a balcony is going to make all of the difference to helping you extend your space and enjoy more of the unit as well. We are proud to offer apartments with balcony in Seattle to see whether you will be able to find a space that is all your own and that you are certain to love. When you need a new home that is a step above the rest, contact us today to learn more.