If you’re a first-time renter, it’s important to understand every part of a lease when looking for housing. Most rental agreements include security deposits, which may be unfamiliar to new apartment seekers. To help you know your rights, here are answers to a few common questions about this deposit.

What to Know About Your Security Deposit

What is it?

Many landlords require security deposits during the initial housing payments. The money is kept in exclusive bank accounts, and is only used to address damage tenants cause.

The funds may also be used if tenants permanently vacate their units outside of the original terms of their leases. 

What's the most a landlord can charge? 

In Alaska, a landlord is allowed to ask for up to two months' worth of rent as a security deposit. However, units that cost over $2,000 per month are not subject to these laws.

Do pets affect my required deposit?

Yes, and you may have to provide additional money for the deposit. Often, dogs and cats add up to one month’s rent. This money might be kept separate from the security deposit, and the landlord can only legally use it to address pet-related damage, like chew and claw marks. 

There are no additional fees for pets that are registered as service animals.

What property damage does the deposit cover?

Properties naturally incur some damage due to regular wear and tear, like faded wall paint and clogged drains. These repairs will not affect your deposit.

However, some issues are considered the resident’s responsibility. These include doors that have been ripped off their hinges, broken bathroom tiles, and ripped carpet.

When will I receive the deposit back?

If money is taken from the fund, your landlord must provide written, itemized lists denoting why. The deposit will be returned to the tenant minus any deductions within two weeks of the agreement’s termination. 

If there are no required repairs, your landlord will provide the full amount back within 30 days. 

If you’re looking for low-income housing in the Fairbanks, AK, area, contact Executive Estates Apartments to learn about their available units. The complex was built in 1978 and has been carefully preserved. All apartments are equipped with a full set of amenities, including ovens, refrigerators, heating, and onsite laundry facilities. Call (907) 479-3655 for information on their one- to three-bedroom apartments, or start an application on their website today.