What happens to a $1000 deposit in an apartment lease?

I’m 18, I’m a freshman in college, and things are getting rough at my house with my controlling parents. Right now I have about 00 in my bank account, but sometime in February or March I’ll receive 50 in student loans. I plan to use that money for living costs. About 0 of this money will be deducted for school, because the rest of my schooling is covered. The rent at the apartment I’m looking at is set at 9 a month, and I THINK it includes everything. I haven’t signed or talked to anyone yet. I am pretty sure though because that’s what the add said. I’m looking for a job, but my mom will probably take my car away, so I’ll to find something close to school. The apartment requires a 00 deposit. What is done with that money? Does that include first months rent or not?
Also, any opinions or suggestions on my current situation? Do you think it’s a bad idea for me to move out? My parents really are horrible to me. They tell me that I can only drive to school and home. It’s ridiculous. Thank you!

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8 Responses to “What happens to a $1000 deposit in an apartment lease?”

  1. shortstuff Says:

    You sound pretty sheltered… it is time for you to move out. A deposit is an extra cost above your rent. It is kept and used for repairs if you abuse the apartment in any way. Lots of times this money is kept for things that cannot be proven, so MAKE SURE that you do a thorough walk through with the management and make them note e-v-e-r-y-t-h-i-n-g that is scratched, damaged, dirty, stained, dented, etc. Take photos too of all things that you find that are wrong. give the landlord a copy of the photos, and keep one for yourself. when renting a-n-y-t-h-i-n-g, COVER your BUTT!!! If you call for any repairs, document everything… time of day, who answered, what they said, etc. Keep very good documentation on all things… then when you do move, you will get most of your deposit back. You need to get out from under your parent’s thumbs. Find a job, settle into an apartment, and go from there. You will be happier, healthier, and you will grow in many ways. I wish you all the best.

  2. Hank Apotomous Says:

    The apartment should be able to tell you that. There are refundable deposits (which are generally held to just make sure you don’t destroy the place) and non-refundable deposits (money you won’t get back that goes towards stuff like repainting and their pockets).

    Your lease agreement should detail the deposit amount, as well as stating if the deposit is refundable, as well as the terms that you must meet to have your deposit (or a portion of it) returned to you.

    With my place, I paid a $350 deposit of which $250 is refundable and $100 is not.

  3. Smash It Good Says:

    It’s the landlord of the property you need to speak with. But generally the deposit is a safe-guard against damages. Sometimes you get the money back if nothing needs fixing when you leave, sometimes you don’t get it back and that’s just how it is. Talk to the person renting the place out. I’m sure your parents aren’t that bad, if they paid for the car and tell you they only want you driving to school and home, that’s their business and they probably have a very good reason for telling you so.

  4. the_unluckiest Says:

    A $359/month apartment? It sounds like a scam. And $1000 deposit? Really? In most states/provinces, the deposit can only be equal to 1 months rent MAX (for residential leases). So unless your state/province doesn’t have that law, it already screams scam.

    Also, how much is your tuition? I don’t know any school that’s only $700/semester/year.

    I don’t think your math adds up. I’m sorry to hear that your family situation isn’t great but you simply don’t have the finances to move out right now. So you can either couch surf or go stay with other family members because $2500 NOW isn’t going to get you very far. And you don’t know what you’ll actually receive in student loans until you receive it (as they sometimes do not give you the amount you requested).

    The lease should also tell you what the rent covers. At a measly $359/month, I doubt it covers heat, hot water, gas, etc.

    Also, you sound like a whiny child. Your parents are horrible to you? They tell you that you can only drive to school and home. Give me a break. Millions of people take the bus or they walk or bike – they don’t have the finances or luxury of a car. It just sounds like you’re a brat who doesn’t like her home life.

  5. Flower Says:

    It covers damages you do to the apartment and rent that you fail to pay. If you are 18, your mother cannot take your car that is in your name. It does not include rent but some landlords include last month’s rent. You have to ask. In addition to the rent, you have to spend about $300 on food, $50 on electric, $25 on phone, $30 for internet, $50 for cable TV plus transportation, health insurance, credit card bills. One bit of advice: do not give the security deposit until you sign a lease and have a move-in date.

    UNLUCKIEST: In California a landlord may collect 2 times the rent payment as a security deposit.

  6. Rocky Says:

    check with your states department of Consumer Affairs web site search under landlord tenant law

    most states the deposit must go into an account and held till you move out they pay repairs and cleaning then refund the balance

    always read your lease and make sure what is and is not covered you can find out by calling because each landlord is different so it might or might not

    As far as moving out I’d stay as long as possible your $ won’t last and you don’t want to screw up now. Suck it up and just get out and you can avoid your parents after that

  7. ►►BLOGGER◄◄ Says:

    It is true in California it is up to TWO times the rent for security deposit, and expect to pay at least half of that if your credit is not perfect, or if you have not established much credit seeing you said that you are 18. Also do not pay a "holding deposit" unless they will let you sign that day right then and there. Some larger apt communities have many people inquiring about apts and it is smart to put a holdling deposit down as they run your credit and fill out paper work etc, but do NOT I repeat do NOT put down a hold then let them tell that they will call you. A lot of times they will hold that same unit for many people at the same exact time, then be very selective and chose which tenant they want (better credit, age, race etc) then just call you up and say to come pick up your check that there was a problem and that unit will not be ready by your move in date and they will word the contract so that they are able to refund you your holding deposit if said unit is not available/ready by set date. No this is not legal, but many of the larger places do this!

  8. Classy Granny Says:

    A deposit is paid in addition to the first months rent. The landlord is suppose to hold it in a secure saving account. The money is returned to you when you move out. They will deduct for any damage you cause and withhold for any rent owed. You have to do better than THINK. Be sure you fully understand everything in the lease before you sign. $359 a month sounds a little cheap to include everything. If your mother takes your car, can you afford to get another? Think about the cost of grocery’s and everything else you’ll need in your own apartment. Consider a roommate

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