Your apartment security deposit provides protection for your apartment.
Congratulations, you’ve finally found your dream apartment! You’re ready to sign the lease, but a few other responsibilities come with that first lease signature. One of these responsibilities is the security deposit fee. Nearly every apartment community requires a security deposit, or equivalent agreement, with each tenant. But does the apartment security deposit provide you with any benefits? It does! Although it may seem like a pain to pay an extra fee upfront when you’re ready to move in, the security deposit has far-reaching benefits that will pay off over your time in your new Beechtree Apartments home.
The Difference Between Security Deposits and Last Month’s Rent
Some apartment communities may require last month’s rent when you move in. However, these two expenses are not interchangeable, and the funds serve separate purposes. The property manager holds the apartment security deposit to pay for damage repair upon move-out. Last month’s rent is money that covers your final month of residence should you move out without paying. Both expenses help guarantee that the property manager can cover costs or gaps in payment that may occur.
Your Apartment Security Deposit Covers Damages
After paying your security deposit, you know that as a tenant, you are covered by this fee for damages. This money is not put towards your rent but is given to your landlord or property manager to pay for any damage repairs upon move-out. If there is wall or structure damage, appliance repair is needed, or atypical deep cleaning, your deposit can cover those fees.
The Deposit Is Refundable
What if your apartment doesn’t require significant repairs after you leave? The good news is that security deposits are typically refundable. This means if you take care of your apartment and clean the unit appropriately before moving out, you can receive your security deposit back after your lease ends. This can often be quite helpful if you’re moving someplace new and could use a little more money in your pocket.
It Fosters Trust Between Tenants and Property Managers
Besides covering damages, your apartment security deposit has a larger purpose. These deposits are a contract, just like your lease, and an agreement between you and your property manager. You are agreeing to maintain your apartment with care during your stay there. The landlord holds onto your money as a sign of good faith that you will hold up your end of the agreement.
Let Us Welcome You Home to Your Fabulous New Apartment!
Here at Beechtree Apartments, we pride ourselves on providing you with luxurious living and affordable pricing. So when you choose one of our fabulous new apartments in Calvert County, you can see how modern living meets modern-day conveniences.
It’s easy to find us! Visit us at 200 Jenden Way Suite 101, Prince Frederick, Maryland 20678. Are you social? Feel free to follow us on Facebook and Instagram! You can also reach us by phone at 443-432-3557!
