Did you know that failing to return your tenant’s security deposit within thirty days of when the tenant moves out can result in severe penalties?
Most residential rental leases require a security deposit of at least one-month’s rent to cover damage done by the tenant that goes beyond normal wear and tear. And, of course, deposits give the landlord some protection in case the tenant skips town (one reason why tenant screening is so important!). The deposit is not the same as first and last month’s rent, or a pet deposit.
But someone needs to collect and manage that deposit money securely, so it’s there when either the tenant moves out, or the landlord needs to access it to pay for property damage. Texas law doesn’t require that landlords keep deposits in separate accounts for return at the end of leases, which makes these funds easy to lose track of or accidentally spend.
As a full-service Houston realty management company, 360 Realty Management is available to take responsibility for security deposits, ensuring the money is there when landlords need it, or when the tenant has the right to have it returned. Our rental property inspection service is available to determine whether tenants have damaged their units beyond normal wear and tear, which means we are able to handle every eventuality of the security deposit process, from start to finish.
When you bring 360 Realty Management on your team, we make sure that you, and your tenants, have everything they need.