Tips to Negotiating Your Apartment Security Deposit

Paying an apartment security deposit is a necessary expense when moving to a new home. It assures the landlord that their property is protected. There are two types of security deposits. The first type of security deposit is a damage deposit, which is money put into a fund to cover the cost of cleaning and returning the property to the condition it was in before you rented. The other type is a last month's rent deposit, which protects landlords against renters who skip out on the lease.

While the cost of a security deposit can seem high, you can often negotiate an agreement with your landlord to pay a portion of the deposit with your rent each month. Expect to be required to put at least a portion of the deposit down when you sign the rental agreement. Most landlords are willing to split up at least 75% of the deposit into monthly installments. Usually, the installments are over three or four months, particularly if you sign a long-term lease.

Make sure whatever agreement you make with the landlord you get in writing, and make sure you make the agreed payments on time as promised, or the landlord will have the right to start eviction proceedings against you.

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