Best way to handle security deposit
The North Carolina Tenant Security Deposit Act contains some laid-down rules that every landlord must follow. And if you are working with Charlotte, NC property management companies, they will make sure you include security deposit as part of your tenancy agreement. To know more about collecting, handling, holding and returning a tenant security deposit, check out the points below;
How Much Security Deposit Should A Landlord Charge?
According to professional Charlotte, NC, Property Management Companies, a landlord can charge between $0 and the equivalent of two months’ rent. The amount the tenant will pay as security charge depends largely on the length of the rent. The bottom line is to charge enough that can be used as to screen tenants. Most Charlotte, NC, property Management Companies charge a security deposit that is equivalent to a month’s rent. They use this method to disqualify candidates who do not have both their first month’s rent and the security deposit. This way, only tenants with enough money in the bank end up renting the property.
Security Deposit is Important
There should be no exceptions when it comes to charging security deposits. If you as the landlord are finding it difficult to do it, get one of the best Charlotte, NC, Property Management Companies to help you handle it. You need to charge a security deposit for a various reasons which include legal and compliance reasons. You have to charge every tenant and then put policies and standards in writing. You have to put in place some measures that will ensure that your tenants do not violate fair housing laws.
How to Handle the Security Deposit
A successful lease period is one where you end up returning your tenants’ full security deposit to them. Ensure that you keep your tenants duly informed through the process. Discuss with them when they move in, during the period of the lease and when they move out. Let them know the things that may cost them their deposit and also educate them on what normal wear and tear look like. When tenants get their full deposit, it means less work for everyone. Tenants who receive their deposits usually leave happier and even you as the landlord will be happy as well because your property did not suffer any significant damages.
Returning the Security Deposit
There is a legal deadline for the return of security deposit and the deposit must be returned by that deadline. Your tenant owns the money so you have to make sure you return it in accordance to the law.
It is important for you to know these tips for security deposits. To know more about handling your security deposit, or if you have questions about the best Charlotte, NC, property management companies, get in touch with us at Grant Street Realty.
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