When you’re renting apartments or townhomes with exceptional amenities, it’s likely that you’ll have to pay a security deposit. This additional cost seems like a hassle, but it’s actually an important part of the move-in process. In fact, it’s rare that you wouldn’t have to pay a security deposit in most cases.

Here’s why a security deposit is an essential part of renting your new luxury apartment.

What is a security deposit?

A security deposit is a way to protect the financial integrity of the landlord. In the event you damage the items or structure of the home, the landlord uses the security deposit to make any necessary repairs, cleaning, or other incidentals. It’s also important in the event you break your lease and the landlord is out a renter.

How much is a typical security deposit?

The average security department typically runs for about 1.5 times the monthly rent of the apartments. This is the cap for many states and landlords won’t be able to charge you any more than that. However, this amount of money can be a lot if you’re renting in an expensive area. More often than not, you’ll have to save up even more when you’re looking for an apartment rental, especially if it’s a furnished apartment.

Do I lose my security deposit forever?

If you keep your apartment in tip-top shape throughout your lease, you’ll likely get your security deposit back when you’re ready to move out. This means that the landlord or property owner did not have to make any repairs or maintenance on the home because of your occupation. The best way to get back your security deposit is by cleaning the home from top to bottom and alerting your landlord immediately when you encounter an issue in your house.

You should also utilize your apartment’s exceptional amenities with care. Even though the costs are often included in your rent, breaking machines in the gym or damaging items on the property can result in additional fines.

How do I save up for a security deposit?

There are plenty of money-saving tips related to moving into a luxury apartment. Security deposits are pricey and factoring that price on top of renters insurance and any pet fees in a pet-friendly apartment can quickly add up.

Try saving for your apartment by creating a separate savings account. You should also try to stay in more often and put the money that you would have spent going out into that savings account. You should also try cutting down on unnecessary expenditures like your daily coffee or lunch run. Making food at home can save you more money than you thought.

When you’re looking for apartments with exceptional amenities, don’t hesitate to contact Highland Park. We offer the best model apartments with only the best amenities. Call or email with any questions today!