A security deposit includes any rent you pay in advance - other than the first month - and legally cannot exceed the cost of 1.5 month's rent. At the end of your lease, your landlord may deduct money from your deposit for unpaid rent, unpaid utility bills, or damages to the rental unit caused by you or your guests.
Here is a timeline of what to expect regarding your security deposit at the end of your lease:
Within 4 days of move-out…
Provide a forwarding address in writing by mail to your landlord and keep a copy for your records. You must give your landlord a forwarding address to begin the security deposit refunding process. If you don't do this, the rental company is not obligated to give you an itemized list of the damages claimed against you.
Within 30 days of move-out…
You should receive an itemized list of damages from your landlord. Your landlord must mail you a list of damages, the cost of repairs, the reasons why he/she has deducted money, and a check for the remainder of your deposit. If you provide a forwarding address and do not receive this information within 30 days, contact Student Legal Services.
Within 7 days of receiving the itemized list…
Respond with any disagreements. You must notify your landlord by mail if you disagree with any of the damages listed. Make sure you respond in detail, and refer to your Inventory Checklist (plus any pictures from the beginning of the year) as proof of any pre-existing damages to the unit. Keep a copy of this letter and all correspondence.
Within 45 days of move-out…
Settle all disputes. If you have properly objected to the damages claimed, and you and your landlord are unable to reach an agreement to settle the dispute, your landlord must either return the balance of your security deposit or start a lawsuit against you seeking court permission to attain disputed funds. If you still have trouble getting your security deposit back, contact U-M Student Legal Services by phone at 734-763-9920.