Can a tenant pay the security deposit in installments? Who sets the interest rate for security deposits and when must the interest be paid? What can a tenant do if the landlord does not provide the security deposit?
If two tenants rent an apartment together and one of them moves out, does the landlord need to return half of the security deposit? Can a landlord ask for extra money if a tenant causes damage that costs more than the security deposit? Can a landlord deduct carpet cleaning or painting expenses from the security deposit? Can a landlord keep the security deposit if inspection reports were not completed?
For publication and resource requests, click here. This website provides legal information for Alberta law only. It does not provide legal advice. Laws may be different in other provinces. Read the full Disclaimer. Copyright Legal Resource Centre of Alberta. All rights reserved. Read the full Copyright Statement. Moving Out The landlord can use the security deposit when the tenant moves out, if the landlord has a valid reason for deducting money from it. Some common reasons that a landlord can keep money from a security deposit include: the tenant owes money for rent; the tenant has damaged the property and the landlord completed the inspection reports; the tenant has not cleaned the property and the landlord completed the inspection reports; the tenant has not returned the keys; or the tenant owes money for fees.
Requirements for Returning the Security Deposit When the tenant gives up possession of the property which is usually when the tenant gives the keys back to the landlord , the landlord has 10 days to deliver a statement of account to the tenant. Frequently Asked Questions Moving In What is the maximum amount a landlord can ask for a security deposit?
Moving Out What can a tenant do if the landlord does not provide the security deposit? Tools to Help Getting your security deposit back.
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Underline links. Highlight Links. Clear cookies. When should I collect the security deposit? How should I hold the security deposit? What do I do if the security deposit accrues interest? When must the security deposit be returned? When can the security deposit be kept? How should security deposit disputes be handled? Want more landlord tips and articles? Sign up for our monthly newsletter: Email address. We respect your privacy.
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Measure content performance. Develop and improve products. List of Partners vendors. Landlords Tips. Table of Contents Expand. If you are charging significantly more than your competitors, you may find it hard to rent out your unit. For example, if the prospective tenant is choosing between your unit and another similar rental unit, the tenant may end up going with the unit that comes with the least amount of upfront cost.
Depending on your tenant's unique circumstances, you may want to charge additional deposits on top of the security deposit. Many landlords also charge deposits for pets and for any tenant improvements to the unit, often known as move-in fees.
Setting these fees is a lot like setting your security deposit fee. Check your state's laws on the issue. Some states allow for pet deposits while others allow for pet fees or pet rent. While these three names may sound similar, they're all slightly different, so make sure you know what's allowed in your state.
In California, for example, pet deposits of any kind are not allowed, and landlords can only collect security deposits. Also, check out the competition. Now that you have a better idea of what you can charge in terms of deposit money, the next thing to talk about is when it's acceptable to keep a security deposit. Typically, there are five occasions when it is acceptable to keep the entire security deposit, or at least a portion of it:.
Damage to the property is probably the most common reason why landlords end up keeping a tenant's security deposit. Keep in mind, however, that "damage" is not the same as normal wear and tear. While things like faded paint or worn carpet would not be an acceptable reason for keeping the security deposit, larger issues like holes in the walls or scratches on the floor may give you cause.
If the rental unit requires substantial cleaning after the tenant moves out, that may be cause for keeping the deposit as well. Again, in this scenario, the necessary cleaning must go above and beyond what you would normally do in order to get the unit ready for your replacement tenant. If the tenant does not pay rent, you should be well within your rights to keep the security deposit as compensation.
However, you may want to make this clear in your lease agreement so there is no confusion. Usually, if the tenant breaks the lease agreement and leaves the apartment early, you're also entitled to keep the security deposit. That said, different states have different laws regulating this, so make sure you're familiar with the laws in your state. If there are unpaid utility bills owed by the tenant, you can deduct those costs from the security deposit, much like you would any cleaning fee. As the landlord, you'll want to be sure you're prepared if your tenant decides to dispute your right to keep their security deposit.
In particular, you'll want to provide an itemized list of how the funds from the deposit will be used. For example, you'll need to show whether they're going to pay back rent or a cleaning fee or to fix damages.
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