Financial Literacy for Everyone

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Landlords may require you to pay a security deposit to cover any unpaid rent or damages. This money must be refunded within 30 days of the end of the rental agreement. The landlord, however, may deduct the cost of any repairs needed, other than maintenance to address normal wear and tear. It is wise to document existing damage before you move in, so you do not end up taking financial responsibility for damage you didn’t create. Any charges deducted from the security deposit must be listed separately and sent with the remainder of the deposit. If you disagree with the deductions or you do not receive the security deposit, you may sue your landlord. A landlord can require any amount for a security deposit. A few states require the landlord to pay you interest on your deposit.

Security Deposit and Eviction

Problem Solving
If your landlord is not living up to his or her legal responsibilities, you have several available courses of action. You can sue the landlord for monetary damages or force the landlord to make the required repairs.

If the landlord fails to make these changes, don't stop paying rent. Contact the government authority that regulates real estate to find out what your options are.

Eviction is a worst-case scenario and not the desired result of your rental situation. But if you don't pay your rent, don't live up to your part of the lease agreement, or refuse to leave at the end of the lease time period, your landlord has the right to evict you. The landlord must serve you with a written eviction notice. After a few days, the landlord can file that eviction notice in court. If the landlord wins his or her suit for eviction and you still don't vacate, the landlord can ask a local law enforcement officer to remove you from the apartment. Consider consulting the real estate authority to advise you on the laws regarding eviction.