With summer in full swing, many University students are signing leases for the fall semester.
For many college students renting for the first time, it is important to fully understand all aspects of a lease agreement, especially the security deposit.
According to local real estate attorney Jeremy Levy, a security deposit is refundable money a landlord collects from a tenant. This deposit is used as collateral in case of apartment damage or unpaid rent.
“It’s tough for college students,” Levy said. “Landlords feel like they can prey on the fact that most college students are inexperienced renters [and] most leases are worded completely in favor of a landlord.”As some students have found out firsthand, it is always important that someone with knowledge of the rental process look over a lease.
Senior Lisa Haas remembers the trouble she had trying to recoup her security deposit.
“When I moved out of my first apartment, my landlord refused to give me back my security deposit, citing wear and tear in the apartment,” Haas said.
“I tried arguing that because the apartment was older, things were bound to break during my lease,” Haas said. “I also thought that because I had been living there for two years, my landlord would give me a break.”
Levy acknowledged situations such as Haas’s are all too familiar, but can easily be avoided.
“According to the law, anyone who rents the same unit for more than 12 months is not responsible whatsoever for wear and tear in the apartment,” Levy said in reference to repairs such as walls that need painted or small dings in the carpet.
He said most landlords know college students simply will not argue with any portion of the security deposit being withheld because it is the parents who usually pay for it.
Levy has ideas on how to avoid the headache of arguing with a landlord over security deposits.
“One of the best things you can do is make an appointment with your landlord to walk through your house, so they can tell you exactly what they expect to be repaired when you move out,” Levy said.
Real estate broker Ishmial Valdes agrees with Levey.
“It is pertinent that you have a good working relationship with your landlord,” Valdes said. “Remember that once you sign your name on a lease agreement you become responsible for that property.”
Valdes suggests going through the entire apartment or house right at move-in to list all problems.
“Also, if something breaks in your apartment contact your landlord immediately [so] you are not held responsible,” Valdes said.