Oasis at Riverlights

4 FAQs about Security Deposits

4 FAQs about Security Deposits

4 FAQs about Security Deposits

Before you sign a lease for a new apartment, you need to familiarize yourself with the fine print. Take the time to fully understand  what you are signing up for, including the policies of your apartment complex, rules you need to follow when living here, and any fees that you may be responsible for during your stay. At our apartments in Wilmington, NC, we help our residents by being fully transparent from the very beginning. When you are signing your lease, you will also need to pay your security deposit, which will secure your spot in line for the apartment. These are a few things you should understand about security deposits.

When do I pay for my security deposit?

Most apartment complexes will have you pay your security deposit up front. This may be included in the first month’s rent or it may be an additional fee you pay once you are accepted as a new tenant. Typically, you will also want to supply them with a thorough checklist of any issues that exist at the time of your move in. Recording these details is essential in proving that you do not create these problems so you are not liable to pay for them.

How much is a security deposit?

In most cases, you will see security deposits that are equal to one month’s rent. This leaves money for the landlord to make repairs after you vacate the unit upon moving out. However, you may notice that some states vary their security deposits. A few other factors that will determine the cost of your deposit include the features inside your apartment and your credit score.

Is my security deposit refundable?

Let’s say that you choose to go in a different direction after you put down a security deposit. Typically, security deposits are refundable in these types of instances. However, you may have a non-refundable move-in fee tacked onto your charges, and this payment will not be refundable. The best way to avoid any losses is to be absolutely sure you are moving into the apartment before you put any money down.

How long does it take to get my security deposit back after I move out?

You can generally expect to receive your security deposit within 30 days of moving out of the unit. This gives the landlord time to assess any damages and evaluate the cost of repairs with contractors. Some states require landlords to return security deposits within 15 days so be sure to check your state’s laws to know what to expect.

By understanding these facts about security deposits, you will know what you can do, and what you cannot do, when living in your new apartment. To get your security deposit back when you move out of your apartments in Wilmington, NC, you want to adhere to the rules.

If you are looking for a new place to call home, check out the beautiful units at Oasis at Riverlights. Contact us to schedule a tour of our apartment complex today.

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