What Happens to My Security Deposit?
Your security deposit starts life as the hold deposit you pay when your application is approved. It is held through your tenancy, and at move-out it is returned to you less any deductions for damage beyond normal wear, unpaid amounts, or cleaning.
Where the deposit comes from: the hold deposit
This is the part that surprises most applicants, so it is worth being clear about.
When your application is approved, we charge a hold deposit. It is due within 24 hours. If it is not paid in that window, we treat it as declining our acceptance and the home goes back on the market. Once you sign the lease, that hold deposit converts into your security deposit. It is not an extra charge on top. It is the same money.
A few timing details that go with it:
- No rental property is held vacant more than five days unless we approve it.
- The lease should be signed within 48 hours of the point we start the signing process.
- Your lease start date begins within 7 days of us receiving the deposit, unless your property manager tells you otherwise.
The document that decides your deposit: the move-in condition statement
Oregon requires your landlord to give every new resident a written move-in condition statement at the start of the tenancy. That document is the legal foundation for any security deposit deduction at move-out.
Read it carefully and fill it out honestly when you move in. If something is already scratched, stained, or broken, write it down then. The condition statement is what we compare against when you leave, so anything you record at move-in is something you cannot be charged for later. This is the single most useful thing you can do to protect your deposit, and it takes twenty minutes.
What gets deducted
Deductions cover damage beyond normal wear and tear, unpaid rent or fees, and cleaning if the home is not returned in the condition your lease requires. Normal wear is not deductible. Carpet that has aged through a tenancy is different from carpet with a burn in it, and we document the difference rather than guess at it.
How to get more of your deposit back
- Return the property fully cleaned. The move-out inspection happens only after all of your personal property has been removed and the home is fully cleaned.
- Turn in every key. We consider you still living at the property until you return the keys, and the garage door remote if you have one, to our office. That has direct rent consequences, so do not leave it until later in the week.
- Give us a forwarding address. The sooner we have it, the sooner the deposit can be returned to you.
- Take care of the home while you live there. Treating the property as if it were your own leads to a faster return of your deposit at the end.
Note that you will not be allowed back into the home once all keys have been turned in, so finish your move before you hand them over.
When do I get it back?
Your deposit is returned to the forwarding address you provide, less any deductions, within the timeframe your lease and Oregon law require. If you want the specific timeline that applies to your tenancy, check your lease or call us at (971) 270-2600 and we will walk you through it.
