Security Deposits & Replacement/Repair Costs

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13 years 8 months ago #6055 by Martha Wooldridge
I understand many leases include a list of replacement/repair costs for damages (beyond normal wear and tear) that may occur during the term of a lease. I'd like to include this info in my lease agreement to help avoid problems when costs must be deducted from security deposits upon move-out. I think it helps residents understand the need to care for their apartments and helps eliminate surprises. I would very much like to see what other properties are doing in this regard and would love to see what numbers they have put to particular repairs.

Thank you, in advance, for your input and ideas. If anyone would like to email me directly: greengateproperties (at) gmail (dot) com.

Martha
13 years 8 months ago #6055 by Martha Wooldridge
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13 years 8 months ago #6056 by Angela J
Martha,
We implemented this last year, the move-out charges are not specifically written in the lease agreement, but are listed on the move-in form with the disclosure that charges are subject to change.
When residents come to give their notice, along with other information regarding the move-out process they are provided a sheet that shows the charges. While we want to avoid that any addtional move out charges are assessed, we also want them to be aware of the charges prior to their move out inspection.
We came up with the charges by looking at vendor and replacement costs, this includes labor, administrative, and supply costs. (So this can change from company to company).
Hope this helps!
13 years 8 months ago #6056 by Angela J
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13 years 8 months ago #6058 by Michelle
Martha, we do something very similar to what Angela stated... We also have a paragraph in our security deposit addendum that requires a professional apartment and carpet cleaning upon move out. They show proof with the receipt. We let them know before move out what they are required to do.
13 years 8 months ago #6058 by Michelle
Gerry Hunt
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13 years 8 months ago #6062 by Gerry Hunt
Replied by Gerry Hunt on topic Re:Security Deposits & Replacement/Repair Costs
Hi Martha,
I have always had a form that was given to the resident at move in, explaining what damages they would be charged for at move out. Of course they were asked to sign an acknowledgement that they received it. The charges are going to vary from place to place and what is on your list. Are you going to charge for drip pans? Burned out light bulbs? New toilet seat? Etc. I always charged $25 for labor and $5 for each trash bags of junk to be removed for the unit. That was standard. Other items depend on the replacement cost of that item.
13 years 8 months ago #6062 by Gerry Hunt
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13 years 8 months ago #6067 by Kimberly Lee
I know residents really appreciate it when they have the information up front at the beginning of their lease with a reminder as they prepare for move out. It helps them feel like they have a say in the process rather than just being at the whim of the apartment manager, which is how they often feel.
13 years 8 months ago #6067 by Kimberly Lee
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13 years 8 months ago #6068 by Chrissy Surprenant
We supply a preprinted 30 days notice to residents. On the thirty day notice is a list of the most common charges w/ costs. We also offer a walk through prior to them moving out to help. It helps to remind them to give them a thirty day notice as well as do what needs to be done.
13 years 8 months ago #6068 by Chrissy Surprenant