Why Ashburn Property Management Companies Collect Deposits
For those who have been renting for a while, it is just understood (most of the time) that Ashburn property management companies require various deposits to be paid before one can move in. However, many first time renters are taken aback by the upfront deposits required by property managers in Ashburn. This is generally because most renters have never owned rental properties before. In fact, you may be one of the renters who are confused by the amount of money you have to pay before you can move into a rental. Hopefully, you'll find the information below helpful.
Security Deposit - Before a future tenant can move in to an Ashburn rental, he will be required to pay a security deposit. (All Ashburn property management companies charge this.) Generally, these security deposits are refundable upon move-out and all they are for is to ensure that you will leave the rental in the condition it was in when you first moved in. If you move out and any repairs have to be made (holes in the wall, paint, carpet cleaning, etc.) then the charge will be taken out of your original security deposit, reducing the amount of money you are refunded. This just protects the investor.
First and Last Months' Rent - The second set of deposits required by most Ashburn property management companies is the first and last months' rent. Obviously, the first month's rent will cover your first month of living in the rental. However, the last month's rent will be held until you give your notice of departure. If you give a 30 day notice, you can request that your Ashburn property manager apply the last month's rent payment you first paid.
Also, keep in mind that you may only be asked to pay the first month's rent in advance and not the last month's rent...or you may be asked to pay the first month's rent and last month's rent instead of a security a deposit. There is no rule specifying which deposits investors require of their tenants.
Pet Deposit - Finally, the third most common deposit required of future tenants is a pet deposit, if the tenant has a pet. However, it's important to realize that investors do not have to allow pets in their rental properties. A pet deposit is most often non-refundable because once you vacate the property the investor will use that money to have the carpets cleaned.
