As a property owner or manager, you have many responsibilities when it comes to the care and keeping of your rental property. One of these things is the security deposit, specifically how much it should cost your tenant when renting and leaving the property. When deciding on the right security deposit amount, there are many factors to consider. Here are some tips for figuring out a fair security deposit.
Consider the Rental Price
First, you should account for the price of the monthly rent. Are you including any utilities? Is the unit furnished? For a particularly high-risk tenant, you could charge up to two months’ rent for a deposit, but that will probably make renters reluctant to sign. Also, consider that many states put a cap on the price of a security deposit, so you may want to look that up.
Will there Be Pets?
One of the most common causes of damage in a rental property is when the tenant has a pet. Cats have a fondness for shredding carpet and upholstered furniture, and dogs aren’t always potty trained and tend to chew things. Many property owners choose to charge an additional, non-refundable pet deposit as well as a small monthly pet rent.
Repair Costs
Once a tenant leaves your rental property, Atlantic Maintenance Group can come in and help you assess the damage and come up with a plan for getting the rental ready for a new tenant. Repair costs will need to be calculated before any portion of a security deposit can be returned. We are happy to inspect the property and provide a repair estimate so you can have everything taken care of as soon as possible!
All of Your Landscaping Needs from Atlantic Maintenance Group
Atlantic Maintenance Group is a full-service landscaping company, providing maintenance, design, and construction, as well as snow removal, and asphalt and concrete services. We are your source for complete landscape and facility maintenance for commercial and residential properties throughout Maryland, Virginia, Pennsylvania, and Delaware. We are a self-performing landscaping company, meaning we don’t hire subcontractors, and senior management is involved with every project. Our highly trained team of professionals receives constant, ongoing education on the latest industry trends, updates, and safety measures. This ensures we can deliver outstanding customer service and results to our clients, regardless of the size of your job.
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