- Security deposits are funds held to defray the cost of any tenant neccesitated repairs that may need to be done to the apartment after the term of a lease.
- There is a limit as to how much you may be charged for a security deposit.
- Security deposits can be recovered at the end of your lease.
- Documentation may help you recover your security deposit
- You have remedies to help you recover your security deposit if necessary
Any information given on this website is not a substitute for legal advice. If you have a legal question, please seek out legal counsel as soon as possible. Additionally, any information given is presented as a service. Drexel University Off Campus Housing does not endorse any website, realtor, apartment, or home. Drexel OCH encourages renters to be cautious and aware, and to make informed decisions when searching for housing.
During the first year, you may be asked to pay as much as the amount of
two months’ rent for a security deposit. However, after the first year, the landlord may only hold the amount of one month’s rent. If your rent is raised, you may be asked to pay more money into your security deposit. However, after five years your security deposit can not be raised even if your rent is increased.
In order to recover your security deposit, you must leave a valid forwarding
address with your landlord. Within 30 days, your landlord should send you a written list of any damages, that are not ‘normal’ wear and tear, along with your security deposit minus the cost of repairing said damages.
Additionally, if you have been living in your apartment for at least 3 years you are entitled to collect the interest accrued on your security deposit, minus a percentage for handling fees by the landlord.
As with everything else, documentation is key. Before moving in to your
new apartment, walk through it with your landlord. Discuss any shortcomings, take date stamped pictures. Prior to moving out, walk through your apartment again with your landlord. It is even a good idea to bring along a third party to also witness on both occasions.
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