Can Tenants Use a Security Deposit in Lieu of Last Month's Rent?
When a tenant rents or leases a rental unit, the landlord often asks the tenant to pay a security deposit in addition to the first months rent. State and local laws and rules determine the maximum amount of the security deposit. In many states, the maximum security deposit is equal to two months rent. The rental or lease agreement usually includes a statement about the security deposit. Tenants can use a security deposit in lieu of the last months rent if the rental agreement or lease allows it.
Security Deposit Use
A landlord retains the security deposit until the tenant moves out. State law dictates when the landlord must return the deposit. In many states, the security deposit must be returned within 21 to 30 days after a tenant vacates his house or apartment. Landlords deduct from the security deposit to pay for damages caused by the tenant, beyond normal wear and tear. If the tenant owes back rent or has unpaid utility or other bills, the landlord uses the deposit to pay the bills. If the tenant moves out without giving adequate notice, the landlord may use the deposit to pay for lost rent.
Rental or Lease Agreement Content
If the rental or lease agreement labels the money withheld by the landlord as a security deposit, the deposit may not be used for rent without the landlords permission. Some rental or lease agreements label part or all of the deposit as last months rent. With this wording, the tenant may use the deposit to pay the rent at or near the end of the tenancy.
Security Deposit and the Landlord
Landlords must use caution when giving permission for tenants to use part or all of the security deposit for the last months rent. If the tenant leaves the house with significant damage, owes back rent or fails to pay bills associated with the house, the tenant may owe the landlord more than has been retained by the security deposit. This is especially true if all or part of the security deposit is used for rent.
Insufficient Security Deposit
The landlord must bill the tenant if the security deposit doesnt cover the damages. If the tenant doesn't pay the bill, the landlord takes the matter to court. From the landlords point of view, it is often wise to not permit the security deposit to be used for rent. If the tenant leaves the rental unit in good condition, the landlord promptly returns the security deposit to the tenant.
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