We receive many questions about security deposits. In the video below we answer a few:
Who holds the deposit while the resident occupies the unit?
RL Property Management holds these funds in our Property Management Trust account as required by Ohio law.
How much is the security deposit?
RL Property Management typically charges one month’s rent as a security deposit. If a rental application is on the fence of being approved for one reason or another, we may elect to charge two month’s rent as a security deposit.
Who keeps the security deposit at the end of occupancy?
Based on a detailed comparison of the move-in condition and the move-out condition we withhold funds from the deposit to cover the following:
Tenant Damages (Purposeful, Accidental)
Abnormal Wear and Tear
Tenants cannot be charged for all “repairs”. Normal “wear and tear” and functionality (door stops, rubbing doors, improper outlets, etc.) issues cannot be charged back to the resident.
We may also withhold funds from the deposit to cover unpaid rent, unpaid utility bills, unpaid fees, maintenance charges, etc.
What if the deposit is insufficient to cover damages?
RL Property Management sends a final “invoice” to past residents showing them any outstanding balance.
If unpaid, any outstanding balance would have to be collected through the legal system.
If you are looking for a team that has several decades of experience identifying and dealing with issues like these, do not hesitate to reach out to us.
RL Property Management Group, the only property management company in Columbus started and run by engineers. Our clients enjoy a premium property management experience without paying a premium price. RL Property Management is designed for reliability and performance.