If a house rents for 1300 and it says $1000 deposit, what does the deposit go to exactly?
It might go to security deposit. You should ask though to make sure. they cannot use a security deposit as last month’s rent unless they give you a 30 day notice in most cases anyway. So it does make a difference. You can’t switch last month’s with security deposit so the same goes for them not being able to use a last month’s for damages.
It’s a security deposit. It’s not meant to pay the first or last months rent…it’s meant to give the landlord some insurance in case when you leave, the place is trashed and he/she has to repair it. If you leave the place in good condition when you leave, the entire amount should be returned to you at the end of your lease. In a typical situation, anyway.
For our apartment our deposit is a “safety payment” for the landlord. If we move out and leave the place a mess or if we get kick out he uses that deposit for fixing up the place or using it towards the rent we didn’t pay. But if were good tenants then we get the deposit back when we leave. I’m a good tenant.
