What is the difference between a security deposit and move in fee?

A security deposit, generally equal to 1 month or 1 ½ month’s rent, is an assurance provided to Landlord that no damages will occur to the apartment. Additionally, if damages do occur, the landlord may deduct an amount from the security deposit to pay for their costs. A move in fee is a non-refundable payment that is intended to cover the wear and tear that will occur in the course of the lease term.

Posted in: Renters

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