Security Deposits

Secure means "safe". Deposit means "something you put somewhere". For
example, you "deposit" money or checks into a bank. What do you think
"security deposit" means?

A security deposit is money that you pay to the owner of the apartment
to hold until you move from that apartment. The reason for the security
deposit, which is usually the amount of one month's rent, is to pay for
anything broken in the apartment at the time you move out. If you
broke a window, the owner will take money from this security deposit to
pay for the "damage" or broken things in the apartment. If you do not
have to give the owner money, you should get your money back with
interest (the amount that a bank gives you when your deposit is put into
a bank account). The security deposit helps make sure that you will
keep the property in good shape but it also is like having money in the
bank.

Do you have to pay a "security deposit" when you rent an apartment in
your country? What does an owner do if you break something in the
apartment? Does the owner have to pay or the renter? Come to the
Hosted Chat and tell us!