What is the required security deposit when I rent an apartment?
A. As a rule, we require a $625.00 deposit from each person signing the lease. This deposit is due when you sign the lease and have completed a rental application. It represents a $325.00 security deposit (to cover repairs or cleaning necessary at the end of your lease) and a $300.00 common utility deposit which is used to pay your pro-rated share of the common hot water and common electric in your building. Generally speaking, this deposit is used up over the course of your lease term.
