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Security deposits are not rent

Although laws regarding them are quite clear, a lot of landlords seem to forget that security deposits are to protect against property damage. Upon the termination of a lease, if a tenant returns the property in the same condition as when they moved it, the deposit has to be returned to them. Deposits are not rent and cannot be kept without cause. Following recent local headlines on the matter and a court decision against a landlord in Iowa last month, which ended in a 20-year sentence for deposit fraud, it’s never a bad time to reevaluate your security deposit handling practices.

via stltoday.com

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Matt Kastner

Matt Kastner is an Investment Real Estate Consultant at St. Louis Real Estate Society in St. Louis, Missouri. He is also develops properties on the side through Threshold Properties. When he isn’t representing investors in the purchase or sale of multifamily properties, rehabs, foreclosures and other income producing properties, he is often taking on rehab projects himself. He lives in South St. Louis and has been in the real estate business since 2004.

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