We believe that property management has more to do with the wonderful people that make their homes in our communities than the physical structures themselves. We strive to make every single apartment feel like a home, where our exceptional residents build memories, enjoy their lifestyles, and achieve their goals. We respect and value the trust that our residents place in us, and work hard to ensure that we exceed their expectations.

Understanding Apartment Deposits

When renting an apartment, it can be very confusing and overwhelming to try to make sense of, and keep track of the different required deposits. Most apartment communities require a few different types of deposits. The most common types of deposits, and the ones you can almost always expect to pay are Application/Holding Deposits, Security Deposits, and Pet Deposits, if you have a pet.

Application/Holding Deposits
When applying for an apartment, most communities require an application fee and a holding deposit. The application fee is generally a nominal fee, which covers a portion of the community’s application processing costs-credit checks, criminal background checks, etc. At most communities, the application fees are never refundable. In addition, a holding deposit is generally required. This holding deposit is what the community requires in order to take an apartment off of the market. This deposit can generally be applied towards future payments. Berger Rental Communities applies this deposit towards future rent. Berger Rental Communities will refund this deposit if an application is not approved. Remember that this holding deposit is different from the application fee that will generally not be refundable if an application is not approved. Generally, this holding deposit will not be refunded if the application is approved but the applicant decides not to move in.

After the application is approved, depending on the amount of the initial holding deposit, the community may require that an additional deposit is paid in order to continue to hold the apartment until the move in date. This deposit would generally be applied towards future payments, and also non-refundable if the applicant does not move in.

Security Deposits
A security deposit is money that the resident pays in advance to offset the cost of any damages to their apartment during their residency. The security deposit is held in an escrow account during the duration of residency. Costs are generally only deducted when the resident moves out and an inspection is completed. Charges that can be deducted from your deposit may include, but are not limited to:

  • Any charge for unpaid rent at time of move out.
  • Charges for damage, wear and tear resulting from negligence, carelessness, accident or abuse on the resident’s part. Normal wear and tear items are not deducted.
  • Unpaid charges listed in your lease, such as those for late rent payment, returned checks, missing fixtures, keys not returned to the office, etc.
  • The reasonable cost of cleaning if the resident fails to properly clean their apartment before they leave.

To avoid confusion, Berger Rental Communities provides residents with a damage charge list when they move in. When moving out of their apartment, the resident must provide their leasing team with their forwarding address, where they would like to receive their security deposit refund and final account statement.

Pet Deposit
A pet deposit is a deposit that residents with pets can be asked to pay in advance to offset any damages caused by an animal during their residency. It is pretty much an additional security deposit. Depending on the community, this deposit can either be refundable or non-refundable.