Most landlords receive a security deposit from new tenants to protect their investment. If you own property that you rent in Coeur d'Alene, ID, there are several tenants' rights to be aware of, including those regarding security deposits.
Whether you're new to renting property or you're a seasoned landlord, we have some helpful property management tips for you.
Read on to learn more about security deposit laws and what every landlord in the Coeur d'Alene area should know.
Security Deposits: Limits
The state of Idaho doesn't currently have any laws regarding limits on security deposits. Technically, you're allowed to charge your tenant whatever you feel is appropriate.
However, it's best to only charge tenants up to two months' rent as a security deposit. Anything more will likely be difficult to get and could make it more difficult to find renters since the amount is so high. You can also charge a separate pet deposit fee if applicable.
Returning the Deposit
Idaho security deposit laws say that tenant deposits are due when the lease terms end and the tenant moves out. You have 21 days to return the security deposit to your tenant once they move out of your property. A professional property management company can help you keep track of your deposits.
However, this period can be extended if your tenant breaks their lease early or does not give proper notice. This allows you to use the deposit to help cover the cost of re-renting the unit. Now, let's talk about why you would be allowed to keep all or a portion of a tenant's security deposit.
Keeping Tenant Deposits
Most states, including Idaho, allow landlords to keep some or all of a deposit if the property needs repairs after damage. However, this does not apply to what's called "normal wear and tear."
You may also keep the deposit if there are any lease violations by the tenant, but fortunately, this is rare. You'd likely need to prove to a judge that the tenant violated specific clauses within the lease to keep the security deposit.
Ordinary Wear and Tear vs Damage
Wear and tear is bound to happen when someone moves out, and you can't deduct from the security deposit for this. Examples of normal wear and tear include a dirty tub or toilet, a missing knob on an appliance, or minor marks on the floors.
However, excessive damage or filth that costs you money to clean and repair is considered acceptable. This might include things like broken fixtures, cigarette burns on carpets, or holes in the wall.
Make Being a Landlord Easier
Understanding how security deposits work in Idaho makes the process of being a landlord easier. Once you know the laws, you'll know what to charge, what you can keep, and what you need to return to tenants.
If you need help managing your property in the Couer d'Alene, ID area, the professionals at PMI Couer d'Alene are here for you, so contact us today to find out more!
