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Friday, September 17, 2010
Swapping Security Deposits for Rent is a Bad Idea...
I'm seeing a lot of private landlords and some property managers continuing the trend of allowing tenants in their final months to use their deposit that's held by the landlord to pay their final month rent. This is a terrible idea. It's important to remember that as a landlord or property manager, your only tool to ensure the tenant holds up their end of the lease is that money you hold called a security deposit. It's called "security" for a reason. Once it's gone, a marginal tenant is not motivated to get the keys back to you in a timely manner or even return the property in the type of clean condition you'd expect it in. Don't give away your only protection. It almost never goes to plan.
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