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October 25, 2014

Many Renters Don’t Get Security Deposits Back

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Many Renters Don’t Get Security Deposits Back

Twenty-six percent of renters are denied in getting their security deposits back when they move out, a Rent.com survey finds of 1,000 renters. 

Landlords cite the biggest reason for withholding security deposits was a tenant who moved out too early. Indeed, 44 percent of the renters surveyed between the ages of 18 and 24 said they broke the lease agreement early and that’s why they didn’t get their security deposit returned. Nine percent of women and 3 percent of men surveyed say they lost their security deposits due to pet damage. 

Thirty-six percent of the survey respondents said that their landlords failed to offer an explanation why their security deposits were being withheld. In some places, that’s illegal. For example, in New York, landlords are required to return security deposits -- excluding any legal deductions -- within a certain time frame. 

Landlord.com offers up a list of security deposit laws for all 50 states. 

Source: “Security Deposit Refund: 1 in 4 Renters Don't Get Their Money Back, Survey Finds,” AOL Real Estate (Jan. 29, 2013)

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