Once we go through the applicant approval process, we require that the applicant get to us a security deposit in full. We don’t take partial payments. If they can’t even come up with the deposit in full now, then what is the likelihood they will be late on paying rent if their finances are running that tight?
The deposit has to be a certified check or a money order. This way it’s much less likely those funds will not be there when you deposit them. We try not to accept cash and never a personal check, or at least only on rare occasions. We let each applicant know that once we get the deposit, it will not be refunded if for some reason they back out of the rental. We clearly state that in the application.
It’s not fair to us or our clients that a tenant decides one week before moving in that they are getting relocated, or the couple is breaking up, or their grandmother is sick…we have heard every excuse. We have lost valuable market time and it has cost us money by holding the apartment. We will refund a deposit if it’s only been a few days (or maybe even as long as a week) because lets be real: you have to be somewhat reasonable or we may keep part of the deposit. Hope this is helpful to all!
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