Rent & Security Deposits
Rent
Rent is the main thing your landlord wants from you. The roommates must agree upon who is responsible for which share of the rent, and whether they will pay it to one roommate who pays the landlord or if they will pay it individually.
Check your lease to determine the following things
- WHEN rent is due
- WHERE it is due
- HOW it should be paid:
- check (if you have roommates, see if you can write multiple checks)
- money order
- by mail
- in person
- WHEN is it considered late?
Security Deposit
The condition you leave your apartment in is important and will often determine how much of your security deposit is returned. Being organized and taking your time can make all the difference.
- A security deposit is usually equivalent to one month's rent
- A security deposit DOES NOT serve as your last month's rent
- Landlord has 30 business days to return your security deposit to you after move out. If he has taken deductions, he must supply you with an itemized list.
- Ask your landlord about refunds if only part of the group moves out at the end of the lease term
Helpful tips for getting your security deposit back
Make sure the security deposit refund procedures are spelled out in your lease or rental agreement. To protect yourself and avoid any misunderstandings, make sure your lease or rental agreement is clear on the use and refund of security deposits, including allowable deductions.
