Understanding What a Landlord Can Deduct from a Security Deposit
As a landlord, you know that security deposits are important for protecting yourself and your property. But do you know what you can actually deduct from a tenant’s security deposit? Knowing the answer to this question is essential for mitigating risks associated with renting out property. Let’s take a look at some of the things landlords can deduct from security deposits and how Sapir Realty Property Management can help.
When Can I Deduct from a Security Deposit?
Landlords are legally allowed to make deductions from their tenants’ security deposits when they have not complied with certain terms of the rental agreement or state law. These deductions might include damages caused by the tenant or unpaid rent. You should also keep in mind that there are limits on how much of the security deposit landlords can deduct in certain states. Additionally, if you intend to make any deductions, you must provide written records of any damage or unpaid rent within 21 days after the tenant moves out.
What Can I Deduct From A Security Deposit?
Generally speaking, it is common for landlords to deduct costs associated with repairing damage done to their property as well as costs related to cleaning fees and unpaid rent. However, landlords are not allowed to deduct costs that are considered normal wear and tear of the property such as paint chipping off walls or carpets wearing down over time. If these types of issues arise during a tenancy period it is best practice for landlords to address them as soon as possible in order to prevent further damage down the line.
How Can Sapir Realty Property Management Help?
At Sapir Realty Property Management we understand that managing rental properties requires attention to detail and having an expert team on hand can be invaluable for ensuring everything is taken care of properly. We specialize in handling all aspects of rental property management including helping landlords navigate making deductions from security deposits when needed. Our comprehensive suite of services includes helping you stay compliant with all relevant state laws so that you don’t put yourself at risk due to legal missteps when dealing with tenants’ security deposits.
Deducting money from your tenants’ security deposits is an important tool for protecting yourself and your rental properties but it is also important to understand exactly what can be deducted under various circumstances according to state law and other regulations governing renting out property. At Sapir Realty Property Management we have extensive experience helping landlords make sure they stay compliant while protecting their investments effectively—so contact us today if you need any assistance!