In assessing a security deposit, how do you know how much to return (Landlord) and/or expect (Tenant)? While there are laws and guidelines concerning the return and application, many of the issues are a matter of opinion. A Landlord must allow for reasonable “wear and tear” and a tenant must pay for ‘damages’. What a professional property management company should do is to begin the tenancy with a detailed inspection with the tenant. This inspection should be comprehensive and in writing. Before a tenant moves out, this document should be reviewed with another physical inspection wherein both the Tenant and Landlord are present. This will help eliminate many of the dissention that often occurs in this process. There are many other questions surrounding this most sensitive issue that will be the addressed in later blogs.
How do you handle this process? What are your experiences with Landlords and Tenants? Please share your experiences and thoughts.