May 16, 2024

Security Deposit

A guide to understanding the security deposit for renters.

Paying Your Security Deposit

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.

Refunding Your Security Deposit

Thirty days prior to the lease end date, we will send you a reminder of your lease end date with a unique link to our Move-Out Form. (If you do not complete the form, we will send you a reminder email one week before your move out.) In the Move-Out Form, we will ask you for an address to send your security deposit to. We are required by law to mail your security deposit to you, but we need your forwarding address to do so. If multiple people are on the lease, we will send a check to one person for you to divide up. We are unable to send multiple checks. Baker Street will postmark your refund check within 30 days after your lease expiration date.

Security Deposit Deductions

Before you moved in, the property was cleaned and all maintenance issues addressed. We expect that the property is left in the same or better condition as when you moved in. Any damages above normal wear-and-tear or items that are left behind will be cause for a deduction from your security deposit.

We will email 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 the 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 seven days after receiving your list of damages to communicate those to us in writing (via physical post mail). The damages are assessed once all tenants have vacated the property after lease expiration 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 your lease.

Move Out Process

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

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