Lets Talk Security Deposits

So… How Much Will Your Security Deposit Be?

It depends on the apartment.

Seriously.

You could apply to three different apartments in the same city, at similar price points, and receive three completely different deposit requirements.

Some apartments have a LOW, SET deposit.

You might see a property advertise something like:

“Security deposits starting at $300.”

Or they may simply have a predetermined deposit amount for applicants who meet their criteria.

In situations like this, your deposit isn't necessarily equivalent to an entire month's rent.

That’s why you need to ask about TOTAL move-in costs, not just monthly rent.

Some Apartments May Require a Full Month’s Rent as the Deposit

Instead of a small fixed amount, a property may base its security deposit on the monthly rent.

So if your apartment is $1,500 per month, you could potentially be looking at a security deposit around that amount, depending on the property's rules.

BUT: state and local laws can limit how much a landlord is legally allowed to collect, so the rules depend heavily on where you're renting.

And Then There Are DEPOSIT SPECIALS 👀

Depending on how the promotion is structured, the special may be available to ALL applicants who get approved rather than being based solely on having perfect credit.

ASK. QUESTIONS.

Your actual move-in costs will depend on the property you choose, its current policies and promotions, your application/screening results, and the laws where you live.

Approval Is Only ONE Part of Moving

Before You Apply, Ask the Leasing Office THESE Questions 🔑

1. What is your standard security deposit?
2. Can the deposit change based on application or screening results?
3. Are you currently offering any deposit or move-in specials?
4. Are there requirements to qualify for the special?

THAT is how you start getting a realistic picture of what moving into that apartment could actually cost.

The Bottom Line:

YES, you may still have to pay a security deposit after you're approved.

It could be relatively small.

It could be based on the property's screening criteria.

It could be tied to the monthly rent.

A promotion could reduce it.

DO NOT ASSUME. ASK THE PROPERTY BEFORE YOU APPLY.