Security Deposits

How concerned should you be about the security deposit that your daughter or son provides when they rent a property off campus? The answer of course depends on how well behaved the students living in the place will be.

The purpose of the security deposit is to protect the landlord from damages caused by tenants who rent the property, to cover un-paid bills as well as cleaning expenses. There is always going to be some amount of preparation needed to re-rent a house or apartment, and some of this should be considered normal wear and tear. But how much can often depend on the landlord. It is a good idea to get an indication from the landlord up front as to how much security deposit is usually used. Most of the time you can get a good indication if they take a lot or a little. Some landlords always take out money for cleaning no matter what the condition. Regardless of what you are told though, the important thing is the condition of the property upon returning to the landlord.

A security deposit is held against the property and not the tenants. If your student is sharing a place with others, they will be equally responsible for any damages, even if they were caused by one tenant. It is up to the tenants to determine who caused certain damages and hold them accountable. Also, sometimes damage is caused by a third party not living at the property. It is still the responsibility of the tenants to make needed repairs or pay.

If you are concerned about getting back most of the deposit, take some time to check up on the tenants and get the place fixed up several weeks before they move out. Repair holes in the walls with spakle and paint. Fix broken windows, doors, kitchen cabinets. And of course, clean, clean, clean. Most students do not want to waste their time, but if it means several hundred dollars off the security deposit, it may be worth your time. If you are qualified to do the work yourself, it will likely be done much less expensively than what the landlord will charge.

It is very important that tenants understand their responsibility in keeping a property clean and in good repair. When students are away from home for the first time, they are likely to be somewhat carefree. Sharing some or all of the financial burden will often keep them more reserved.