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What Is Actually A Security Deposit?

A security deposit, to put it simply, is money that you need to give upfront to a lender, landlord, or even home/apartment seller as final proof of your intent to really move and live in and care for the entire domicile.

There are two types of security deposits. The refundable or nonrefundable. It depends on the transaction’s terms. It is actually intended as a specific security measure for the landlords and lenders, and logically, a security deposit can be used to pay out for lost property or damages onto it.

How Do Security Deposit Work?

They are paid upfront, even before you move in. These deposits are usually the same level as the rent you pay, but it will depend from case to case.

They are in charge of making up for any repairs/replacement of furniture or appliances and so on if the damage happens as a result of the renter.

Let’s take a look at an example. If the renter suddenly damages doors or breaks windows, or causes any other huge or permanent damage to walls, floors, or property infrastructure, the landlord can immediately this security deposit to pay repairs.

In most cases, if the unit is well maintained and in good condition without any damage or repair need when the renter plans to move out, landlords might refund these deposits to the renters.

Security Deposits In South Carolina

Most rental and leases rental agreements in SC demand a security deposit, and there is no limit on it. However, you can always check the municipality to see if there is a limit.

According to the SC law, a landlord is obligated to return the security deposit of the tenant within the first 30 days after they moved out.

How Much Should A Security Deposit Be For A Rental?

Just like with rental fees, there is no straightforward answer. But let’s see the typical security deposit amount. One of the main factors that affect the amount of security deposit is the place where the property is located.

You can expect for unfurnished apartments a security deposit in the level of one month’s rent while for furnished one it is one and half month’s rent.

Caution! People and families with pets can expect to pay a higher amount of security deposit as they belong to the riskier group of tenants. Landlords this way secure them from any surprises your four-legged furry friend might leave behind.

Another important, key factor in charge of determining how much your security deposit is going to be is your current credit score. Believe it or not, it is normal that landlords and in charge companies have access to this data and use them as a tool to determine the level of risk for any tenant.

The lower your credit score, the riskier you are in the landlord’s eyes, which ultimately leads to a higher security deposit. Some of the landlords even have a minimum standard score that helps them to determine whether or not tenants with bad scores can move in.