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Rent and Security Deposits

Paying rent is probably the simplest part of renting a house or apartment. The renter pays the rent according to these terms set in the rental agreement.

Security deposits are not a part of the monthly rent. A security deposit is a set amount of money paid at the start of renting a place. This sum of money is held by the landlord throughout the rental agreement or lease. It pays for any damage the renter caused in the unit until the end of the lease period. If there is damage, the renter will lose some of all of the money. Normal wear and tear should not lose the money, however.

Your state laws dictate how soon the security deposit money must be repaid after the lease ends. A landlord can keep a security deposit if there are unpaid rent or utility charges.

Learn About Rent and Security Deposits

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