Security deposits ensure care of rented homes

The directions sound simple enough: don't break the terms of the lease, pay rent on time, leave the apartment in the same condition you found it and there should be no problem getting your security deposit back. But it's not that easy, warns Office of Off-Campus Living Director Mihaela Farcas. And the 80 students who called the OCL with questions about their deposits would probably agree with her. Many students not only fail to get their security deposits back but often also get slapped with additional charges because they aren't aware of their responsibilities as a tenant. "Start your lease on the right footing," Farcas advised. "In order to get your deposit back, you need to ensure that there's no damage." Confused as to exactly what the security deposit covers? Security deposits are used to cover the costs of damage, excluding normal wear and tear, done to the property, as well as unpaid debts. Security deposits, by law, cannot be used to pay rent. Landlords are legally entitled to collect a security deposit from each tenant which equals not more than two months' rent. After a year in the same apartment, the law entitles landlords to a security deposit equivalent to one month's rent and any excess funds must be returned to the tenant. After three years, a tenant is entitled to interest on his security deposit. However, the law allows the landlord to withhold 1 percent for administrative costs. There are many ways to lose your security deposit, said Farcas, "particularly due to the fact that [students] haven't followed procedure." Begin by being a good tenant, she said, suggesting three steps to follow: inspect the apartment carefully, follow the terms of the lease and pay rent on time. Carefully inspecting your apartment on move-in day can save a lot of trouble later on. Farcas suggested documenting the condition of the apartment when you move in, either on your own or by using the OCL's move-in/move-out checklist. Breaking the terms of the lease can also jeopardize the return of the security deposit. By breaking a lease early, a tenant's deposit can be withheld as a lease-breaking penalty. If tenants fail to pay their rent on time, late fees begin to accrue. The security deposit can be withheld as payment for late fees. At the end of the lease, there are an additional three steps to follow: give proper notice of termination as required by the lease, prove you have fulfilled your obligations as a tenant and provide your landlord with written notification of your forwarding address. Proper notice of termination differs from lease to lease, so Farcas advised knowing the terms set down in your particular lease. She added that notice of termination should be conveyed in writing, preferably sent return receipt requested.