What is a security deposit and how much does it cost?

A security deposit is an upfront deposit paid by the tenant to the landlord prior to moving into a rental unit. The deposit is held by the landlord throughout the lease term as a guarantee that tenants will pay their installments and keep the rental unit in good condition. When the tenant moves out, the landlord may deduct from the security deposit the unpaid installments, the cost of repairs, and other lawful fees detailed in the Non-Standard Rental Provisions section of the lease. The security deposit, less any lawful deductions, is returned to the tenant within 21 days of the lease end date.  

The security deposit is equal to one month’s installment and is due to LZ Management within 10 days after the lease is signed by all tenants. If there are multiple tenants signed onto the lease, separate payments from each tenant can be collected. A payment in the full amount by one individual is not necessary. Security deposits can be paid via the online AppFolio Tenant Portal, or with a personal check, cashier’s check, or money order. Cash payments will not be accepted.