Over the past year, 65,000 people have relocated to the Atlanta metropolitan area. Property owners, get ready for a flood of prospective tenants: there are a lot of people on the lookout for new digs.
There is a lot for new homeowners to learn. Security deposits are one of the most intuitive concepts to grasp. Today, we’ll cover some ground you need to know about Atlanta security deposits.
Security deposits strengthen your relationship with your tenants
Security deposits help protect both the tenant and the landlord, which is why they are so widely used.
You, on the other hand, will be collecting a more significant sum of money from your renter at the outset of their tenancy. How useful is it if you have to put this money away and keep it safe until you can pay it back in the future?
You can deduct money from a tenant’s security deposit if they break the contract in a specified way or damage the property.
Tenants might utilize the deposit to guarantee their occupancy of the rented property. They have confidence that they will get their security deposit back at the end of the lease and can use it as a down payment on their next place.
The security deposit will be used in place of additional out-of-pocket costs in the event of unintentional damage.
The Government Sets No Official Cap
There is no cap on the amount that can be required as a security deposit in the state of Georgia. You are free to set any price you desire.
Keeping that in mind, there are a few things you should think about. It’s common for landlords to require a deposit equal to one month’s rent. This equates to two months’ rent upfront at the start of a tenancy. This is doable for the vast majority of renters.
Although you are free to charge more, you will only be able to attract tenants who have more money left over each month after covering the rent. You’re also hurting your chances of getting a rental. Tenants looking for an apartment in Atlanta have other options where they can save money on security deposits.
A deposit can be increased or decreased as needed. When there isn’t enough demand for their properties, some landlords will offer deals that include reduced or even waived security deposits.
You Usually Need To Give Them Back
Most Atlanta deposits are fully refundable. The landlord must return the security deposit within a month. If the landlord keeps any portion of the security deposit, they must provide an explanation and documentation.
If tenants believe the landlord is unlawfully withholding their security deposit, they may seek redress in court.
If the tenant causes any damage beyond what would be considered “normal wear and tear,” the landlord has the right to withhold the security deposit. This rules out the “natural” results of someone living on a property, such as fading carpeting, slightly damaged paint, and aging appliances.
Is It Time to Begin Seeking Tenants?
Knowing the basics is only half the battle regarding security deposits. As a new landlord, you have a lot of responsibilities and learning to complete. Do you feel ready?
We aid Atlanta property owners in taking care of their investments at Tameka Manns Realty Group. You can count on us for assistance with any aspect of renting, from calculating a security deposit to solving tenant issues. Get in touch with us right away so we can get to work.