June 27, 2019

Security Deposit

A guide to understanding the security deposit for renters.

Paying Your Security Deposit

Please notify us as soon as possible of a forwarding address where we can send the security deposit check at the end of your lease.

Each lease has one security deposit paired with it. This means even if more than one person is on a lease, there is only one security deposit held for that lease. For example, if you are in a group of four at a property, there is only one security deposit, even though you likely paid a portion of it yourself (1/4).

Security deposits are paid through your group’s lease ledger, but unlike rent, they are held in a separate account and exclusively used for damages at the end of lease terms. To review more security deposit details, check out the security deposit section in your lease or our Sample Lease Agreement.

Refunding Your Security Deposit

Baker Street will postmark your refund check within 30 days after your lease expiration date. Prior to this date, if you are in a group, someone will have to communicate to Baker Street who will be the designated person to receive the security deposit refund check. If no one informs us who this will be, or your group cannot agree on one person, the check will be mailed to the first person listed on the lease. In addition, prior to the 30 days is up, we will send a list of damages and the amount that you will receive.

Security Deposit Deductions

We will postmark a move out report with a list of damages and the amount that you will receive back from the Security Deposit to you no later than 30 days after the end of the lease. Such deductions may include costs of damages, costs of repair of the Premises, unpaid rent or utilities and any other amounts Tenants must pay under the terms of this lease. If Tenants cause damages that exceed the amount on Deposit, they will pay those excess damages immediately.

If you have any questions or concerns, you have four days after receiving your list of damages to communicate those to us. The damages are accessed once all tenants have vacated the property after lease expiration, unless requested sooner and we are able to do a move out inspection. To review the fees for damages and what counts as damage, check out the security deposit section and the fee section in our Sample Lease Agreement or see below.

Move Out Process

To read more about the Move Out Process please see our Guide.

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