Return That Security Deposit

One of the hardest parts of operating any small business, including being a residential landlord, is chasing people around for individual payments. For landlords, maintenance of your rental units is also a major source of stress. After a tenant moves out, you want to get the apartment looking move-in ready as quickly as possible, and that inevitably involves some costs. Most lease agreements include a clause where the landlord reserves the right to keep the tenant’s security deposit, instead of returning it when the tenant moves out, if the tenant causes enough damage in the apartment that it costs the landlord substantial effort to require it. These clauses usually do not give the landlord the right to keep the deposit if the damage falls within the limits of normal wear and tear, but they usually do not include specific definitions for normal wear and tear and for substantial damage. This often leads to disputes between landlords and former tenants about returning the security deposit, leading to stress and resentment for both parties. A recent article on the Newsweek website encourages landlords to be the bigger person and return the deposit, unless the apartment is completely trashed. For help navigating disputes with tenants, contact a Washington, D.C. real estate lawyer.

Will It Really Cost You One Month’s Rent to Fix the Wear and Tear From the Tenants That Just Moved Out?

A landlord named Carissa recently published a first-person essay on the Newsweek website, describing why she returns tenants’ security deposits when they move out, even if there is evidence in the apartment that the tenants installed TVs and hung paintings. She posted a video on social media, showing herself cleaning the ceiling fans, floorboards, and other fixtures of an apartment where the tenants had just moved out. The takeaway was that the fixes were simple enough that she could do them herself, without hiring a professional cleaning crew or contractors.

Before you pocket a tenant’s security deposit, ask yourself if you really had to spend one month’s worth of rent money repairing damage that the tenants caused. Consider that the cost of housing is prohibitive in major metropolitan areas like D.C. You holding onto the security deposit could be stopping the tenants from being able to rent another apartment; they might be stuck couch surfing, or moving back in with relatives in a city that has fewer job opportunities than the DMV. If you are wondering who needs the money more, it is probably the tenant. As a landlord, your expenses never end, but you own multiple real estate properties; you probably have access to credit to pay for the maintenance, and if you truly cannot afford to keep the property, you can sell it.

Contact Tobin O’Connor Concino P.C. About Being a Residential Landlord in Lean Times

A Washington, D.C. real estate attorney can help you think realistically about renting out residential properties, and about how no one gets rich in today’s economy, so it is best to be a decent human being.  Contact Tobin O’Connor Concino P.C.  in Washington, D.C. or call 202-362-5900.

Source:

msn.com/en-us/money/realestate/tenant-never-got-deposit-back-when-renting-then-she-became-a-landlord/ar-AA1SXEAm?ocid=msedgntp&pc=ACTS&cvid=694d73eb682649578de50878f400ced9&ei=19