When it comes to renting or leasing an apartment, there is one crucial factor of which you should be aware: the security deposit.
The security deposit is an amount, usually double the amount of your rent or lease that the landlord will make you pay up front in case of any emergencies that you may face while staying in the residence. Emergencies can count as you missing one or more monthly payments to the landlord or for damages. It is a security for the landlord in case anything happens.
Knowing if you have to pay a security deposit, which is a common practice, is important to know because you will need to have the money for the deposit plus the money for the first month of rent. You will be able to know the amount of the security deposit in the contract between you and your landlord. You should keep a copy of the contract.
Another important factor to note is that the amount of the security deposit could be changed based on your credit score. If you have a low credit score, the landlord may assume that you may not be able to pay your rent on time so you may be paying more. Also, if your rent increases, the landlord may ask you to cover the increase. This is only if you renew the rent or lease. If you are on a fixed agreement, you will not have to worry about that. Basically, have some money saved up just in case.
On the bright side, YOU CAN GET THE DEPOSIT BACK!
You can get the deposit back if you pay your rent, avoid damages, and whatever else the landlord asks of you. Be responsible so that you can get your money back and hopefully use it for a future apartment!
Below, I created a picture with tips for how to get your security deposit back!
