Adventures in Property Management

When to expect your deposit back

System - Monday, October 23, 2017
Property Management Blog

So, you have decided to move out of your current rental, and now you want the deposit back. How long does it take, what is coming out of it, where does it get sent to? A lot of different things go into dispersing a deposit. Here are a few things you should be aware of.

In the state of Utah, the manager/owner has 30 days to send you a breakdown of your security deposit (or 15 days from when you give them a forwarding address, whichever is later.) It is important to remember that if you move out without telling your manager, they may not know that you left and cannot start processing your deposit till they know.

This means that if you are moving into a new rental and want to use your current deposit to pay for your next, it may not be possible. Plan ahead, management does not need to rush a deposit disposition faster than the state requires.

Deposits are used for damages, monies owed, fines, fees, rent that is owed. Your lease will describe what you can and/or will be charged for. Be sure to read through it carefully, once you sign you have agreed to the terms within it. If you leave before your lease is over, you are usually held responsible for the lost rent, expenses to re-rent, and other fees associated with leaving early.