Jun 20, 2016 · Generally, a landlord may retain all or part of the security deposit to pay for damages to the unit that occurred during the tenants' occupancy, except for those resulting from normal wear and tear. Usually, the landlord can deduct other costs, such as late fees, unpaid rent, and unpaid utility bills.
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In general, an authorization of a minimum of $200 plus the amount due for the rental will be taken as an authorization against the payment method for security purposes. For debit cards, a deposit of $200 plus the cost of the rental will be taken as a deposit from the debit card. The deposit for high-value vehicles may be higher.
Nov 17, 2020 · Traditionally, landlords require tenants to pay a security deposit of one to two months' worth of rent before moving in, to cover the costs of future damages, cleaning, and any unpaid fees. However, in today's real estate market, agent Jeremy Kamm of Warburg Realty says some landlords are waiving security deposits to secure more renters.