When Do You Pay a Security Deposit for an Apartment?
Moving into a new apartment, there are a few necessary expenses. Naturally, you need to plan for moving costs and the first month's rent. But you will also need to pay your security deposit before you move in.
The security deposit is a typical precaution built into almost all rental home arrangements designed to protect the property itself. If the apartment is in pristine condition after you move out, you will get your security deposit back. If there are some problems that need repair, the cost will come from your deposit, but you will still get back the remainder.
The question is: When should you have the security deposit ready to pay? We can gladly shed some light on the situation.
Apartment Move-In Costs
Typically, the total move-in costs for renting an apartment are all paid up-front. The first and last month's rent and the security deposit are paid after you sign the lease but before you are handed the keys. There may also be additional fees to pay up-front depending on the apartment policies.
First-and-Last Rent
First month's rent is, of course, required before you move in to pay for your first month in the apartment. Many apartments also require last month's rent. This makes moving out easier, but it does increase your initial costs.
Security Deposit
The security deposit is usually paid alongside the first month's rent before you move into the apartment. This ensures that you have already covered the cost of any damages while the apartment is still in untouched condition. Security deposits are often equal to one or two months' rent.
Optional: The Holding Deposit
Some apartments ask you to pay a separate deposit to hold the apartment before you sign the lease. This money will later go toward your move-in costs.
Additional Fees
There may also be additional fees. Pet rent and deposits, for example, may be necessary if you are bringing one or more pets with you.
How Do Pet Deposits Work?
Pet deposits are a special security deposit paid if you have pets. Pet-related fees are unique to each apartment. Apartments can have their own policies regarding pet deposits, non-refundable pet fees, and pet rent.
Pet Deposits - Refundable and Non-Refundable
Pet deposits are an up-front cost you pay to move in with your pet(s). This cost sometimes multiplies or scales based on your number of pets. Pet deposits are often non-refundable, but sometimes you may get your pet deposit back if there is no pet damage to the apartment when you move out. If you get a pet during your lease, you generally need to pay the deposit when the pet moves in.
Pet deposits apply to dogs and cats, but sometimes cats require a lower deposit. Costs often scale or multiply based on the number of pets up to the maximum allowed number. However, it is not typically charged for terrarium or tank pets, including hamsters, lizards, or birds.
Pet Rent
Pet rent is a monthly fee that may be required if you have a pet. It may be charged per pet or a flat fee for all pets.
Always Perform Your Move-In Inspection
In order to protect your security deposit, always remember to perform the move-in inspection as soon as you get the keys to your apartment. Before bringing in a single box, complete the move-in inspection form provided with your lease. If you don't have a move-in inspection form, request one from the management office or download a template online if one is not available.
Take note of any pre-existing damage on move-in day. Cracks, stains, loose doorknobs, anything that might be considered damage when you move out. Use your phone to take photographs and save the photo collection separately. Submit both the move-in inspection form and the photos to your apartment manager and then begin moving in.
This process ensures that your security deposit can't be charged for damage that existed when you moved in.
Planning Your Apartment Move-In Budget
Paying first month's rent and the security deposit can be a lot of money. Paired with moving costs, moving to a new apartment can require a large up-front sum of money. This is why it's important to plan your moving budget carefully. Start saving up as soon as you know that you plan to move so that you have enough to cover your expenses.
It is also a good idea to keep an emergency fund with enough money to pay the deductible on your medical and auto insurance, in case of emergency. Living a safe and secure financial life starts with planning ahead.
Southwood Apartments Security Deposit Policy
How much is the security deposit at Southwood Apartments in Sappington, MO?
Our security deposits start at an affordable $250 and may go up to the equal of one month's rent. Security deposits are paid before you get the keys but after you sign the lease. Usually, our residents pay the security deposit at the same time as their first month's rent and any up-front pet fees if you are bringing a furry companion.
Southwood pet deposits are $150 refundable and $300 to $400 non-refundable in addition to $40 to $50 pet rent.