When you rent an apartment, you must give the landlord a security deposit. But what happens to that money during the course of the lease? Can you use it to cover your final month’s rent? Keep reading for the answer to these and other questions regarding security deposits.
Where Does the Deposit Go?
Once you decide to move into LSU off campus housing, you’ll need money for rent and a security deposit. When you hand your money over to your landlord, where does it go? By law, it can’t go in their pocket. In most states, the deposit must be placed in either an escrow account or a separate bank account.
When Can the Landlord Spend My Security Deposit?
There are explicit regulations in every state regulating how your landlord can spend your security deposit. If you break something, like a window, or put a hole in the wall, your landlord can use the deposit to cover the costs. However, they can’t use the deposit to fix normal wear and tear.
Can My Deposit Be My Final Months Rent?
The security deposit is necessary for the entire term of your lease. If you use it to cover your final month’s rent, your landlord will be vulnerable to any damage you cause. In other words, you can’t touch your security deposit until the end of your lease.
When Do I Get My Security Deposit Back?
In Louisiana and many other states, your landlord must return your security deposit to you within one month after the end of the lease. If they don’t, you can file a legal claim against them. That being said, reputable rental businesses tend to follow the law and will return your deposit, provided you caused no damage during your lease.
For some of the best LSU off campus housing around, contact Redpoint Baton Rouge today.
