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Why do landlords want renters to pay a security deposit before moving into an apartment?
Wiki User
∙ 14y ago
Because tenants, on the whole, cannot be trusted to deliver payment for damages they caused when they are moving out.
Also, this gives the tenant a reason to take care of the property and not damage it, because then they don't get their money back.
Also, it can be used to cover unpaid rent.
By getting a modest amount of money up front and holding it, the landlord has money belonging to the tenant that can be used to repair damage or cover unpaid rent. If the tenant always pays rent and doesn't damage the property (beyond normal wear and tear), they get all their deposit back. The landlord can be more trusted to return the deposit because they are an easy target for the courts.
Wiki User
∙ 11y ago
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What is retention money or security money?
When you rent an apartment, landlords usually ask for a security deposit equal to a month's rent. Renters can potentially cause all sorts of problems for landlords, they can damage the property that they rent, they can refuse to pay their rent, etc. This way landlords have at least some ability to penalize a tenant who causes these kinds of problems, by refusing to return the security deposit (in part or in full).
What does a lease outline?
Obligations of renters and landlords
What are ways landlords can improve renter satisfaction?
Landlords can take a variety of actions in order to improve renter satisfaction. Attending to the needs of the renters is a great way of improving satisfaction. Apartment maintenance is one of the main concerns of most renters, and, as such, keeping up with maintenance will help keep renters satisfied.
Can landlords require renters to pay for a hotel while apartment is under construction?
The landlords insurance would cover the hotel costs if your apartment was damaged under a covered insurance loss. Your tenants insurance would also provide coverage as well.
Must landlords pay for a ramp for handicapped renters?
No, landlords are not required to pay for a ramp for handicapped renters. A person always have the option to move.
What do leases contain?
The obligations of renters and landlords
What does RPI-LD stand for an a credit report?
RPI-LD = Real Pages Inc. They are a resource through which landlords check the credit scores of potential apartment renters.
Who is responsible for the clean up if house gets infested with fleas by the renters dog?
Depending on the state, but in California...It is the landlords responsability to provide an apartment or rental unit free of any pests.
What happens to apartment renters when?
Huh?
Can you get in an apartmentwith a credit score of 524?
Yes, you can still get an apartment with a very low credit score but you may be required to pay a higher security deposit on top of your initial rental payment. You can also search on Craigslist for renters who may not be doing any credit checks.
Do apartment renters have to pay for garbage?
it will depend on the apartment complex if the renters have to pay extra for garbage. Most apartments include trash with rent.
What does renters insurance cover in my apartment?
Renters insurance covers things of value in your apartment. It also covers you in case your apartment becomes unlivable and will reimburse rent for temporary living elsewhere.
