If you decide to rent a house for the first time, you may be surprised when the landlord asks you to match the monthly rent with a security deposit. This money plays an important role, but many aren’t sure why landlords require it. Here are a few reasons why this is an essential part of renting a property.
Why You Put Down a Security Deposit
1. Covering Damage
This is the most common reason for a security deposit. When you rent a house, you’re required to return it in the same form as when you first started living there. If there is significant damage, such as a ruined carpet or broken fixtures, the landlord will use a portion of the security deposit to pay for it. If there are no damages, you’ll receive it in full when you move out or use it as the last month’s rent.
2. Suspect Past
If a renter receives a negative review from their previous landlord or has an extensive criminal record, landlords often won’t rent to them. However, if they do, they’ll ask for a security deposit, often as high as the state allows in case anything happens to the property or illegal activities take place. Always make sure you have solid references when applying and speak with previous landlords if you have concerns about their reviews.
3. Income Uncertainty
If you’ve just started a new job or bank statements show that you’re tight on money, the landlord will charge a security deposit in case you’re forced to break the lease. While this doesn't cover all of the lost rent, it will pay for the month of downtime while the landlord looks for a new tenant.
For affordable living options throughout Hinesville, GA, contact David McDonald Rentals. Whether you’re looking to rent a house, duplex, or mobile home, they have over 160 properties in their portfolio. They’ll take every measure to make sure you’re comfortable and cared for when you rent from them. Call (912) 368-9218 to speak with a leasing agent. Explore their available properties online.