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- Thank you received: 4
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- Are you charging security deposits? If so, how much?
Are you charging security deposits? If so, how much?
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- Posts: 39
- Thank you received: 4
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5 years 9 months ago #26561
by Lisa Trosien
Are you charging security deposits? If so, how much? was created by Lisa Trosien
Hi all! Asking for a client. Are you charging security deposits? If so, how much? And what percentage of your residents get their full deposit back when they move out?
5 years 9 months ago #26561
by Lisa Trosien
Reply to Lisa Trosien
Jen Morton Kemp
5 years 9 months ago #26562
by Jen Morton Kemp
Replied by Jen Morton Kemp on topic Are you charging security deposits? If so, how much?
$200 based upon credit approval, $500 based upon some credit spots up to one months full rent for high-risk. 50% on average get their full deposit back
Jessica Gonzalez
5 years 9 months ago #26563
by Jessica Gonzalez
Replied by Jessica Gonzalez on topic Are you charging security deposits? If so, how much?
$300 deposit
$500 if there is no rental history or negative hits on credit or anything that appears as a risk and that there is determined by my boss
$500 if there is no rental history or negative hits on credit or anything that appears as a risk and that there is determined by my boss
Cyndi Pokrzywa
5 years 9 months ago #26564
by Cyndi Pokrzywa
Replied by Cyndi Pokrzywa on topic Are you charging security deposits? If so, how much?
Not using security deposits in Chicago
Jill Bounds
5 years 9 months ago #26565
by Jill Bounds
Replied by Jill Bounds on topic Are you charging security deposits? If so, how much?
Using eDeposit which is an $87.50 non refundable fee for deposit insurance. Covers up to $500.
Diana Pittro
5 years 9 months ago #26566
by Diana Pittro
Replied by Diana Pittro on topic Are you charging security deposits? If so, how much?
No
Leah Love Orsbon
5 years 9 months ago #26567
by Leah Love Orsbon
Replied by Leah Love Orsbon on topic Are you charging security deposits? If so, how much?
One month (approximately $700 for students, $1200 conventional) and they usually get 75% back unless they have pets then it’s usually 50% due to damage.
Rose Gallifrey
5 years 9 months ago #26568
by Rose Gallifrey
Replied by Rose Gallifrey on topic Are you charging security deposits? If so, how much?
We at my current property charge 1-3 months rent as deposit..
But I am trying to convince Owner to go to Lease Lock for our Deposits...
But I am trying to convince Owner to go to Lease Lock for our Deposits...
Robert Tinning
5 years 9 months ago #26569
by Robert Tinning
Replied by Robert Tinning on topic Are you charging security deposits? If so, how much?
Is “asking for a client” like asking for a friend?
Robert Tinning
5 years 9 months ago #26570
by Robert Tinning
Replied by Robert Tinning on topic Are you charging security deposits? If so, how much?
Lisa, based on the answers so far it seems very market specific.
Amy Freeman
5 years 9 months ago #26571
by Amy Freeman
Replied by Amy Freeman on topic Are you charging security deposits? If so, how much?
None, my owner has us charge a cleaning fee and carpet clean fee even if apt looks great
Ronny Deann Stephens
5 years 9 months ago #26572
by Ronny Deann Stephens
Replied by Ronny Deann Stephens on topic Are you charging security deposits? If so, how much?
Be careful about what you decide to do here. For example, here in Austin, students are a protected class, therefore an additional deposit requested for students as described by another comment on this thread, could be considered a fair housing issue. Check with your local counsel for guidance
Shere'e Robinson
5 years 9 months ago #26573
by Shere'e Robinson
Replied by Shere'e Robinson on topic Are you charging security deposits? If so, how much?
1 months rent (we are HUD so it is set by them) and $300 per deposit
Jennifer Rysdam
5 years 9 months ago #26574
by Jennifer Rysdam
Replied by Jennifer Rysdam on topic Are you charging security deposits? If so, how much?
Our rent is $500 and our deposit is $500. Very few actually get it all back. People are so hard on things, and most so far have not cleaned at all before leaving 
However, in the 2 years I've owned my 8-plex, most of the turnover are people that have been asked to leave, so my expectations have been low.
However, in the 2 years I've owned my 8-plex, most of the turnover are people that have been asked to leave, so my expectations have been low. Blaine Holderbaum
5 years 9 months ago #26575
by Blaine Holderbaum
Replied by Blaine Holderbaum on topic Are you charging security deposits? If so, how much?
$300 for our section 42 community and $500 for our “luxury” market rate community. Majority get their full deposit back.
Sydney Rose
5 years 9 months ago #26576
by Sydney Rose
Replied by Sydney Rose on topic Are you charging security deposits? If so, how much?
$300 with approved credit and One Months Rent for conditional credit. We just bought the property I'm at so right now people are getting almost all of their deposit back bc previous management had neglected the property so bad. The thing I see the most that we have to charge for is people leaving furniture behind.
Kathy Brooks
5 years 9 months ago #26577
by Kathy Brooks
Replied by Kathy Brooks on topic Are you charging security deposits? If so, how much?
Bella Management The owner is Mr Hoffman
From Sonoma He charges
Resident for cleaning no
Matter how well it was left
A lot of residents lived here
More than 20!years with no
Upgrades I resigned due to this
From Sonoma He charges
Resident for cleaning no
Matter how well it was left
A lot of residents lived here
More than 20!years with no
Upgrades I resigned due to this
Anonymous
5 years 9 months ago #26730
by Anonymous
Replied by Anonymous on topic Are you charging security deposits? If so, how much?
we charge a minimum of one month's rent for a security deposit. Sometimes more depending on credit and/or background check. We hardly ever refund 100%, maybe a quarter of our residents get something back. Most have damages or unpaid rent so we deduct that not leaving much left. For pets, $300.00 nonrefundable deposit.
5 years 9 months ago #26739
by Margi Smith
Replied by Margi Smith on topic Are you charging security deposits? If so, how much?
Fair housing.... and lease language... and Qualifying Criteria should be consistent and documented. Otherwise there is potential for law suites.
5 years 9 months ago #26739
by Margi Smith
Reply to Margi Smith
Carla Azevedo-Taber
5 years 8 months ago #26877
by Carla Azevedo-Taber
Replied by Carla Azevedo-Taber on topic Are you charging security deposits? If so, how much?
Yes. The base amount is community specific. Between $500-$1000. Lowest amount is OAC&R. Higher amounts are typical if applicant doesn't meet the highest level credit/income/rental requirements.