{"id":453,"date":"2021-05-24T17:06:00","date_gmt":"2021-05-25T00:06:00","guid":{"rendered":"https:\/\/prophub.com\/blog\/?p=453"},"modified":"2021-10-31T12:23:42","modified_gmt":"2021-10-31T19:23:42","slug":"how-to-manage-a-security-deposit","status":"publish","type":"post","link":"https:\/\/prophub.com\/blog\/how-to-manage-a-security-deposit\/","title":{"rendered":"How to Manage a Security Deposit"},"content":{"rendered":"\n<p>As your property investment portfolio grows in size, managing the security deposit of your tenants can get complex. We will be breaking down security deposits and how to manage them when you have multiple tenants.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What is a security deposit?<\/h3>\n\n\n\n<p>A security deposit is a one-off, refundable amount of money. The landlord would collect this from a tenant in addition to their first month\u2019s rent. Whilst a security deposit isn&#8217;t required by law, it acts as an insurance policy to potentially cover the cost of any damages made to a property. In the event that a tenant ends up renewing their lease, the landlord can roll over the security deposit.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Why is it important to keep a security deposit separate and secure?<\/h3>\n\n\n\n<p>It&#8217;s important to keep personal funds and tenant funds completely separate for legal reasons and logistical ones. Here are some issues that can arise by not keeping these funds separate:<\/p>\n\n\n\n<ul><li>Confusion can occur and the landlord may end up spending the deposit of the tenant. If the tenant is within their rights to receive their deposit back and you can not provide it, this can cause many problems.<\/li><li>It can be hard to track the tenant&#8217;s funds if they are not in a nominated account.<\/li><\/ul>\n\n\n\n<p>When the tenant transfers the funds, it\u2019s now the responsibility of the landlord to keep it secure for the duration of the tenancy. When the property has been inspected prior to the tenant moving out, the landlord can then decide if they\u2019ll return it in full or retain some (or all of it) due to property damages. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How can landlords manage security deposits?<\/h3>\n\n\n\n<p>The best way to manage these funds, is by having different accounts for each property. It&#8217;s also handy to have a <a href=\"https:\/\/www.usbank.com\/business-banking\/business-bank-accounts\/business-checking.html\">business bank account<\/a> for staff wages, repairs, mortgage payments and taxes.<\/p>\n\n\n\n<p> <strong>Read our previous blog post here: <a href=\"https:\/\/prophub.com\/blog\/renting-as-a-freelancer\/\">Renting As a Freelancer: How Can I Do It?<\/a><\/strong><\/p>\n\n\n\n<p> <strong><a href=\"https:\/\/prophub.com\/login\">To learn more about our services and register, see here!<\/a><\/strong>   <\/p>\n","protected":false},"excerpt":{"rendered":"<p>As your property investment portfolio grows in size, managing the security deposit of your tenants can get complex. We will be breaking down security deposits and how to manage them when you have multiple tenants. What is a security deposit? A security deposit is a one-off, refundable amount of money. The landlord would collect this [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":454,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[14],"tags":[72,73,71],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>How to Manage a Security Deposit - PropHub<\/title>\r\n<meta name=\"description\" content=\"As your property investment portfolio grows in size, managing the security deposit of your tenants can get a bit more complex.\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/prophub.com\/blog\/how-to-manage-a-security-deposit\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"How to Manage a Security Deposit - PropHub\" \/>\r\n<meta property=\"og:description\" content=\"As your property investment portfolio grows in size, managing the security deposit of your tenants can get a bit more complex.\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/prophub.com\/blog\/how-to-manage-a-security-deposit\/\" \/>\r\n<meta property=\"og:site_name\" content=\"PropHub\" \/>\r\n<meta property=\"article:published_time\" content=\"2021-05-25T00:06:00+00:00\" \/>\r\n<meta property=\"article:modified_time\" content=\"2021-10-31T19:23:42+00:00\" \/>\r\n<meta property=\"og:image\" content=\"https:\/\/prophub.com\/blog\/wp-content\/uploads\/2021\/05\/PropHub-Security-Deposits-min-scaled.jpg\" \/>\r\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\r\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\r\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\r\n<meta name=\"author\" content=\"Sarah Hayford\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sarah Hayford\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/prophub.com\/blog\/how-to-manage-a-security-deposit\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/prophub.com\/blog\/how-to-manage-a-security-deposit\/\"},\"author\":{\"name\":\"Sarah Hayford\",\"@id\":\"https:\/\/prophub.com\/blog\/#\/schema\/person\/6dd36cdc12fb6659b2d178f107191bf6\"},\"headline\":\"How to Manage a Security Deposit\",\"datePublished\":\"2021-05-25T00:06:00+00:00\",\"dateModified\":\"2021-10-31T19:23:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/prophub.com\/blog\/how-to-manage-a-security-deposit\/\"},\"wordCount\":340,\"publisher\":{\"@id\":\"https:\/\/prophub.com\/blog\/#organization\"},\"keywords\":[\"deposit\",\"deposit protection\",\"security deposit\"],\"articleSection\":[\"Landlord\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/prophub.com\/blog\/how-to-manage-a-security-deposit\/\",\"url\":\"https:\/\/prophub.com\/blog\/how-to-manage-a-security-deposit\/\",\"name\":\"How to Manage a Security Deposit - 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