How are Security Deposits Handled?

We receive many questions about security deposits. In the video below we answer a few:

• Who holds the deposit while the resident occupies the unit?
  • RL Property Management holds these funds in our Property Management Trust account as required by Ohio law.
• How much is the security deposit?
  • RL Property Management typically charges one month’s rent as a security deposit. If a rental application is on the fence of being approved for one reason or another, we may elect to charge two month’s rent as a security deposit.
• Who keeps the security deposit at the end of occupancy?
  • Based on a detailed comparison of the move-in condition and the move-out condition we withhold funds from the deposit to cover the following:
    • Tenant Damages (Purposeful, Accidental)
    • Abnormal Wear and Tear
  • Tenants cannot be charged for all “repairs”. Normal “wear and tear” and functionality (door stops, rubbing doors, improper outlets, etc.) issues cannot be charged back to the resident.
  • We may also withhold funds from the deposit to cover unpaid rent, unpaid utility bills, unpaid fees, maintenance charges, etc.
• What if the deposit is insufficient to cover damages?
  • RL Property Management sends a final “invoice” to past residents showing them any outstanding balance.
  • If unpaid, any outstanding balance would have to be collected through the legal system.

If you are looking for a team that has more than a decade of experience identifying and dealing with issues like these, do not hesitate to reach out to us. Our clients enjoy a premium property management experience without paying a premium price. RL Property Management is designed for reliability and performance.