When you sign the lease for your new apartment rental, your landlord or property management company will ask for a security deposit. This upfront payment is standard with leases, and you may have some questions about why they’re required and what to expect before writing the check.

A Quick Guide to Security Deposits

Why are they required?

Your landlord expects normal wear and tear during the time you are living in the apartment rental, but more severe damage could occur. Perhaps your new puppy chews on the baseboard or you accidentally destroy a section of the flooring.

The security deposit is designed to cover the cost of any unusual damage upon your move-out. It could also be used to cover any rent or fees due when you move out.

How can I be sure to get it back?

When you move into your apartment, fill out a move-in inspection form. Be very thorough as you take notes of any existing blemishes or damage in the apartment, and take photos to accompany your notes. Look for warped or stained flooring, damaged walls, water damage under the sinks, dirty ovens and refrigerators, corroded pipes, and nonfunctioning outlets or lights.

When you move out, you can walk through the apartment with your landlord, so they know any pre-existing damage was not your fault. In the state of Tennessee, this inspection must take place within four days of your move-out, and you must be allowed to be present. If you choose not to attend the inspection, you give up the right to contest any damage they choose to charge you for.

How much will it be?

Your landlord or property management company will determine the security deposit amount. Tennessee does not have any limits regarding the deposit amount, but city or county laws may place a cap on what they may charge. Typically, it is around the amount of one month’s rent.

What happens with the money?

Your landlord is required by law to keep your security deposit funds in a separate account used only for security deposits. This prevents them from mingling those funds with personal finances or otherwise using them. The landlord is required to tell you where and how your deposit will be held, though they do not need to share the account number with you.

The management team at Buckner Properties will explain to you all the terms of your lease agreement for your apartment rental in Cookeville, TN. They have a selection of apartments across the city in 1-, 2-, and 3-bedroom layouts that are clean, comfortable, and a terrific place to call home. See their currently available properties online and call (931) 526-2104 to schedule a tour.