Excessive damage above normal wear and tear. Rent Deposit Calculation. ” After the tenant gives the premises back to the landlord at the end of the lease term, the landlord must return either the entire deposit or the . The landlord may place the security deposit in a state or federally-regulated account. Specific terms include how much can be collected and how long a landlord has to return the security deposit after move out. If you pay by check, you should write "security deposit" on it. If the monthly rent of your unit is $1,000, the the most you can charge as a security deposit is $2,000, or two months' rent. Basically, a security deposit is an extra amount of money a tenant pays to a landlord before moving into a new place. To move in, Latisha must have first months rent, last months rent and the security deposit. As a security measure, Getaround may add a temporary authorization of up to $150, usually for first-time renters only. Everything you need to know about Getaround Florida. In Singapore, the signing of the rental agreement is often concurrent with your handing over of the security deposit. It is displayed on the booking page and can be lowered by choosing either the "Plus" or "Premium" protection plan (when available). No landlord may demand or receive a security deposit, however denominated, in an amount or value in excess of two months' periodic rent. Pet deposit. West Hollywood: (323) 848-6450. Last reviewed October 2023. com As a security measure, Getaround may add a temporary authorization of up to $150, usually for first-time renters only. It’s money “secured” for the purpose of covering the costs of potential damages or losses caused by a tenant. As with rent, landlords are free to charge as much deposit as they want. Still unclear on the specifics of the Vrbo security deposit? Take a look at a few of these frequently asked questions: How much damage deposit should I charge on Vrbo? You can either charge a flat rate or a percentage of the total price. Then, Security Deposit = 15000*2=30000. By convention (not law), the security deposit is one month’s rent for a one-year lease, or double that for a two-year lease. When we do activate our service near you, you'll be one of our very first users. Including: How much money you received. A lease is a contract between you and your landlord that contains the rules and terms of the rental. 3. Some states don’t cap what a landlord can charge, but many do set limits. Florida law states that a landlord can store tenants security deposits in three different ways. Alabama. Booking Fees. The amount usually equals the monthly rent, Barone says. However, city ordinances may limit how much a landlord can charge for these types of deposits. In general, the amount of the security deposit will be the equivalent of one month’s rent, or maybe two. Protect yourself from scam rentals. If you cause a damage that costs 300€ to repair, you won’t have to pay anything. Learn More Myth 4: Credit card security deposits are bad for your savingsThis will show you basic info about the car. [6] Option 1: The landlord may. Joining is easy. Level 10. 1 So, once you save $200 dollars you can use it for your security deposit. Value 56. Usually the tenant pays the security deposit before moving in. While a security deposit isn’t required by law, it can be. There are also restrictions on how much military personnel can be charged, as well as different price caps for fully-furnished. A security deposit is a predetermined amount of money that a renter provides to a landlord prior to moving into a property. [13]A landlord who wrongfully withholds a security deposit or does not follow other parts of state law (such as sending the deposit within the stipulated time frame) could be liable if a tenant pursues legal action in small claims court. Idaho’s Security Deposit Law Under Idaho Code Sections 6-320 & 6-321: Any money deposited with a landlord that is not “rent” is a “security deposit. A security deposit is a one-time refundable payment to your landlord or property manager that they could use to cover the cost of any damage to the property when you move out of your rental. When you rent or lease an apartment, the landlord can ask for a security deposit before you move in. ’s Civil Code, landlords are allowed to charge refundable security deposits equalling no more than two months’ rent. on the maximum security deposit in Texas. NYC Rent Laws. State laws regarding pet deposits fall into three categories: No limit to the pet deposit or any other security deposit. Any accumulated interest or earnings must also be returned. [2]Getaround cares about the security of your information and uses commercially reasonable physical, administrative, and technological safeguards to preserve the integrity and security of all information we collect and that we share with our service providers. If your landlord is asking for a security deposit, be sure that this is written into your rental contract. It will be refunded at the end of the lease, after deductions due to damages. $10 b. Its on hold when right when you booked and returned usually a week later. If a landlord holds a security deposit in an account that gains interest above the statement savings rate, they can keep up to 30% of the excess interest as an administration fee. $150. Nebraska Statute 76-1416. For non-residential property, the maximum security deposit will be equal to 6 months’ rent amount. However, landlords are not required to provide interest if the accrued amount at the end of the lease term is less than $1. If you were,. The landlord must notify the tenant in. The fees for Getaround vehicles start at $5 per hour. The Security Deposit Must Not Exceed a Single Month’s Rent. There are limitations though, depending on your state’s laws. In California, the median rent for a two-bedroom apartment is $2,538 and for a three-bedroom home is $3,795 according to Zillow. Other people who rent whole apartments have $500 or more as their security deposits. Paying with a coupon or rental credit. In New York, landlords can require their tenants to pay a security. Cost of roadside assistance. 30 Days: In New Jersey, a landlord must return the security deposit within 30 days after tenants move out or their lease termination. A number of firms — Rhino, The Guarantors, and Insurent among them — have emerged to present an alternative, allowing renters to pay a small monthly fee to an insurance policy for the landlord that serves the. The amount of a security deposit for rent regulated apartments can be no more than one month’s rent. During the first year of the lease term, landlords cannot increase the security deposit. Do not withhold from the deposit until. Ensure that the landlord is informed of this so that you can get a refund on the repair works. Overview of GA Security Deposit Laws. The tenant can sue the landlord in small claims court if the total amount sued for is $10,000 or less. A security deposit is money the renter pays to cover any potential lease violations during their tenancy, such as damage to the apartment, unpaid rent, or breaking the lease. 76. Maximum Security Deposit. § 55. This can be anywhere from $10 – $30 depending on the type of property and location. Note: Interest rates for tenancies that began. However, security deposit amounts for rent, car rental, and commercial leases vary by state in the United States. 5X month's rent as a security deposit. [5] The notice must include evidence of the costs of repair, such as invoices, receipts, etc. A landlord generally may charge no more than one month's rent as security deposit. 6 AZ Rev Stat § 33-1431. Hire out your own car, or find a car to hire from £30/day. We have compiled a list of the average security deposit prices of major rental companies in the United States. 4G or LTE coverage) is weak, you may not be able to unlock (and mobilize the starter) on your car. The amount of the security deposit required by Hertz depends on a few factors, including the type of car you rent, your age, and your credit history. Car owners can make $1,000s to offset the high costs of car ownership by sharing their cars on Getaround’s platform. For example, with a month's rent price of $1,300 per the lease, the maximum a landlord can charge for a deposit. Accepted Payment Methods. Getaround prioritizes the safety and security of its community members by implementing proactive safety measures, verifying identities, maintaining insurance coverage, and using advanced technology to prevent fraud. Section 92. They are there to protect property managers, landlords, and tenants. 00USD, and Loss of Use of the vehicle, the deposit will be $. If the landlord owes any person money, that person cannot use the security deposit to be repaid. The Getaround App. It serves as the landlord’s insurance against negligent renters that might cause any damage to the apartment. Despite the safeguards we have in place to protect drivers, sometimes fake owners publish cars on Getaround that don’t exist. Deadline to Return. Can my Landlord raise my Security Deposit when he raises my rent? Yes. 5% of annual rent for unfurnished property; 10% of annual rent for furnished property; To secure a property, you are required to pay a refundable deposit to the landlord. Finding my receipt. 2 min read. Step 4: Know your rights. Your credit and background check can also impact the size of your security deposit. Before you can rent your room, you will need to pay. Using Disabled Placards or Plates. State laws regulate the amount. Within 45 days. The account must only be used for security deposits. But, before we dive into what those. In absence of any other fees, the security deposit will be released on your bank account at the planned date. I did not think much of it, assuming Getaround was an honest company, I figured the claim was a formality and it would be dropped, as there truly was no damage to the vehicle. 1. A security deposit may, in Getaround's. She said that she's okay with it. Depending on your bank, these funds may take a few days to become available. They will lock a 5T pesos deposit on your credit card upon check-in against any consumables or services charged to your room. You may even find apartment communities that ask for as little as $100 for a security deposit. Changes in Maximum Security Deposit Amount: Explore the revisions made to the maximum amount landlords can charge as a security deposit. Depending on where you live and local landlord-tenant laws, this can. There is a booking fee that is 3% of the trip price, or $1. Read the Law: Md. The landlord can: Hold this money for the tenant in the trust until the end of the lease. There are also weekly rates available, which start at $239 per week. Returning. If your landlord refuses to return your security deposit, ask him to provide his reasons in writing and to substantiate any deductions with receipts or invoices for repairs. 5 AZ Rev Stat § 33-1321. As the name suggests, a pet deposit is similar to a refundable tenant deposit. Nonrefundable Security Deposits - If there's a written lease for tenancy, nonrefundable fees must be. over a year ago. 00 x 2. New Jersey law bans landlords from charging more than one-and-a-half times the monthly rent for a security deposit. Similarly. It just doesn't get any easier. The amount of this deposit depends on the car category and the details of your rental. A landlord can require a maximum of one and a half month's rent as a security deposit. The landlord may charge a separate application deposit that must be refunded within 20 days to any tenants denied the rental. Please note that the good faith deposit is at Getaround's. So for example, if you’re charging $3,000/month for rent, you could reasonably charge a 50% pet deposit at $1,500. Whenever you pay your deposit, ask. A summary of Arizona state laws governing the collection and holding of security deposits, including the maximum a landlord can charge. When you pick up the car, National would put a hold of $360 on your credit card. The security deposit, in the form of a check, should be accompanied by a security deposit return letter. Under Texas law, landlords can charge whatever amount of. 7 AZ Rev Stat § 33-1321. Pet deposits are either refundable or non-refundable. 101, et seq. Your gross household income is all income you receive before taxes and deductions. 01% for 2023). 00* First month’s rent $1200. The owner is permitted to deduct 1% simple interest on the deposit as an administrative fee. These funds are held by the landlord or property manager for the duration of the lease. Code, Real Property § 8-203 ; Financial Institutions § 1-101. Beginning with the third year of a lease the landlord must put security deposits over $100 in an interest-bearing bank account. This amount guarantees your reservation and gives the hotel more security in case of cancellation or damages. Stessa will automatically record $1,800 as rental income and $2,700 as a liability on the balance sheet, and also record the monies received as a deposit to a landlord’s checking and security deposit trust accounts. If deductions are to be made from the security deposit, an itemized statement of deductions must be included. C. Landlords in Tennessee must hold security deposits in a state or federally-regulated financial institution. 30. Your deposit will be refunded in full, in cash, subject to an inspection of the property. Leases may be either written or oral, but leases for a year or longer must be in writing. In some states, landlords are limited by security deposit laws to how much they can charge their tenant as security deposit. Statute (s) Texas Property Code, Title 8, Chapter 92, Subchapter C, Section 92. When combined with Getaround Connect® guests can find, book, and unlock a car using their phone, Getaround can track cars, and hosts can manage their fleet. Getaround ranks 184th among Car Rental sites. 1. But then after a few hours, I get charged by Getaround for 50 dollars for my "parking mistakes". [2] note. The landlord also required a $100 pet deposit. For most apartments rented on or after July 14, 2019 a security deposit may not exceed the amount of one month’s rent. Please note that the amount is not debited - unless a claim is made by the owner. Here are some common questions people ask about the security deposit law: “My lease required me to pay a ‘cleaning deposit’ and a $25 processing fee. 1 So, once you save $200 dollars you can use it for your security deposit. Arizona. 00* First month’s rent $1200. With the Discover It ® Secured Credit Card, your credit line will equal your deposit amount, starting at $200. Tenant- The remaining interest earned belongs to the tenant. Utility deposits usually include rental house maintenance fees such as electricity, irrigation, sewage and other services. 351 defines. Arizona security deposit rules place a limit on how much landlords can ask from their renters in Arizona as a security deposit. For most cars, the deposit is $200 for credit cardholders and $500 for debit cardholders. 7. Unreported Damage All Guests must report any car damage incurred during their trips within 48 hours of incurred, unless they have been rendered incapable of doing so. What Is a Security DepositThe correct way to calculate a legal five-week deposit. 2% of their earnings into the Social Security system, and employers match this amount. Instantly rent nearby cars, trucks, and vans by the hour or day on Getaround®. If a landlord in bad faith does not give you an itemized list of deductions, they cannot withhold any portion of the security deposit and they cannot bring suit. Our app is what makes Getaround® so convenient for both guests and hosts. The security deposit is automatically released 5 days after the end of your rental, provided no incident has been reported by the owner of the vehicle. When you book a car on Getaround, a security deposit is blocked at the time of payment. Airbnb does not charge the guest the deposit when booking. states, while Getaround is more concentrated in about 300 U. 5% more rent or $35/month, whichever is greater. As a Host- when Enhanced Security is on and you want to drive your car, simply unlock your car using the Getaround Connect Key through the Getaround app or website to enable your car’s starter. If required for a Trip, the amount of the security deposit will be shown on the confirmation page for that Trip. It is usually collected before the renter moves into the property and held back until the rental agreement period. ”. Some states limit security deposits to an amount equal to one month’s rent. A small claims case regarding the return of a security deposit must be filed within 6 years. The car sharing companies don't always require a security deposit, either. Depending on where you live and local landlord-tenant laws, this can. The time to return a security deposit varies by state, but is typically two to four weeks after the tenant moves out. Your landlord may ask you to pay your deposit before or at the time you sign your lease. Security deposits can be either refundable or nonrefundable, depending on the terms of the. You will need to fill out some forms at the courthouse. min read. Guide to the security deposit. Getaround’s insurance covers: Damage to the vehicle’s exterior When is the security deposit paid? Generally, you pay the security deposit when you sign the lease. She and her son changed their minds. Understanding the rental price. Here's everything you need to know about renting in New York City from broker fees and security deposits to rent increases. [6]New York State now limits how much a landlord can demand for a security deposit. Renter Policies & Fees Responsibilities as a renter, and other important information. The rate of interest under section 38 (1) (c) of the Act [return of deposits] that is payable to a tenant on a security deposit or pet damage deposit is 4. Enterprise: Enterprise typically places a hold on 120% of the estimated car rental cost on credit card rentals. Getaround's Terms of Service Security Deposits Roadside Assistance (Guest) Booking. Hello @Hanisah0, Some hosts set a security deposit so that they can make a claim to Airbnb if a guest causes damage. The rules for security deposits are outlined in the Georgia Code, Title 44, Chapter 7, Sections 30-37, and the Georgia Department of Community Affairs’In Portland, the maximum security deposit is 1 month’s rent. Guide to the security deposit. There’s no limit on how much a landlord can request as a deposit, and you may be asked for a secondary deposit for utilities as well. Tenants pay the security deposit before moving in, often paid with the first and last month’s rent at the lease signing. Join TheStreet® | SMARTS today for only $34. There is no time limit on when your landlord can collect the security deposit from you. Landlords everywhere collect a security deposit (often equal to one months’ rent) at the beginning of a tenancy. [11] The landlord must post a notice in the lobby and rental office (or similar location) at the end of each calendar year that states where the security deposits. How Much Is a Security Deposit? If your property is in Salt Lake City, it is helpful to understand the general security deposit prices before you put your property on the rental market. The State Banking Commissioner sets the interest rate annually, which is known as “the average commercial bank’s savings deposit rate. SureDeposit replaces the traditional security deposit with a surety bond. Rent and unlock a nearby car in seconds 4. Ensuring I'm eligible to rent. 00. 2. However, this amount may not be more than 10% of the current deposit, regardless of. IR-2023-210, Nov. This deposit is a guarantee that the secured credit card issuer won't lose money when giving someone a new security deposit credit card. The landlord uses the security deposit as a form of security and can divert. Beware the $25,000 retirement income tax. Security deposits. This will be collected as a cash payment. Every new member builds support for Getaround in your area and helps us to prioritize where to launch next. Depending on your. In most states, this will be the avenue you will want to take. A security deposit is a one-time only payment and cannot be more than one month’s rent. Security DepositAccording to the Zillow Group Housing Trends Report 2020, 88% of renters pay a security deposit, and the typical security deposit amount is $700. If there are charges for damages or cleaning, the landlord must apply to collect this amount via the LTB. Our online car rental offer saves you time. So I text her again, "I thought everything was okay between us. This maintains the tenant's responsibility to pay for damages, etc. A landlord must only charge the equivalent of 2 months' rent as security deposit. A landlord must return the tenant's security deposit. A security deposit is money that a tenant, their guarantor or other third-party deposits with the owner of the apartment for the repair of any damages to the apartment for which the tenant is responsible. Costs for returning unapproved alterations to their original state. You must pay for the rental using a credit card in your own name. Alternately, landlords can issue a bond. In case of cancellation, the security deposit is released immediately. If you cause a damage that costs 300€ to repair, you will pay the full 300€, as it is less than the deductible amount. You should pay the security deposit by a separate personal check or by a bank money order. . “Most standard security deposits equate to one month of rent. Host FAQs for Hosts who share on Getaround. How Much Does a Security Deposit Cost? The amount of a security deposit is usually equal to one month’s rent. August 16, 2023. Limit to the total security deposit, which must include the pet deposit. At a time when Manhattan’s median rent comes to $5,291/month (per CityRealty listings), the security deposit is likely to be no small amount. If you are only planning to rent out the vehicle on weekends, Getaround estimates that you’ll earn around $500 per month. Tenants have the right to earn interest on security deposits that meet the following two requirements. Learn More Myth 4: Credit card security deposits are bad for your savings This will show you basic info about the car. 21-12-2016 11:31 AM. Use this online tool to determine the amount of interest that should be returned with a security and/or pet damage deposit. The landlord may place the security deposit in a federally-insured, interest-bearing account of a financial institution within the state. SECURITY DEPOSIT BULLETIN May 2010 (Revised September 2022) This bulletin outlines the laws pertaining to security deposits for residential rental properties in New Jersey, pursuant to the Security Deposit Law, as set forth in N. Getaround TrustScore is factored into all trips which means that for some trips, security deposits and fees may fluctuate. Additionally, Getaround has a dedicated team available 24/7 to investigate any safety or security concerns. These range widely. landlord must give the tenant (1) a partialThe security deposit can cover two months of rent unless rent costs more than $2,000/month. So if your rent is for 12,000 NOK per month, the landlord can ask for up to 72,000 NOK in the security deposit. It is displayed on the booking page and can be lowered by choosing either the "Plus" or "Premium" protection plan (when available). Security deposits—also known as “damage deposits”—are deposits tenants make before renting an apartment that is kept on file throughout the duration of their tenancy in the event that the landlord must pay for substantial fixes to. From the date of termination, a Nevada landlord has 30 days to return unused security deposit portions to tenants alongside an itemized list for the deductions. 3%. If your state has specific laws limiting security deposits, then the maximum you can charge is based on the monthly rent of your unit. See Michigan Security Deposit Limits and Deadlines for more on the subject. Getaround rentals usually cost around $5 – $8/hour. The security deposit is reduced to 150€. The rate of interest owed on deposits for the period March 1, 2023 through February 29, 2024 is 2. When combined with Getaround Connect® guests can find, book, and unlock a car using their phone, Getaround can track cars, and hosts can manage their fleet. However, for luxury cars or cars rented in certain locations, the deposit may be higher. For example, assume a tenant pays the 1 st month rent of $1,800 plus a security deposit of $2,700 when moving in. 1-1226. When renting a new apartment, you’ll typically have to pay a security deposit equal to one months’ rent. If you cause a damage that costs 1200€ to repair, you will pay 900€. [12] Option 1: Interest-bearing account. Enjoy 30% lower rates than an agency. When you return it and the rental company evaluates that the car is perfectly fine, they will return the. Some states also have. As of today, Getaround has completely lost its mind with these ridiculous security deposit fees. If the full deposit is not refunded, the landlord is required by law. Guide to the security deposit. [4]These changes impact both landlords and tenants in California. NYC rent laws are constantly changing so it's important for tenants to stay up to date as well as to know their rights. The only exceptions to this is if the tenant voluntarily agrees to pay more or if the deposit is for mobile home spaces. Apartment Living. $207 c. Is a traditional security deposit the only valid option for rentals? Not necessarily! Here are alternatives for landlords and tenants to consider. Option 1: Escrow Account. According to AT&T, they hold a security deposit on new account holders for the first year of service. All the Georgia security deposit laws are regulated under the Georgia Code, Title 44. 14 DCMR 308. The state of California has rules aboutsecurity deposits that are meant to protect both landlords and tenants. 680 (Response. No. If a landlord in bad faith does not give you an itemized list of deductions, they cannot withhold any portion of the security deposit and they cannot bring suit. Whatever the amount is, the rental company is only holding onto this money while you’re with the car. e. The common amount of utility deposit is half of the monthly rental. If you’re renting on a month-to. Security deposits that are more than $50 or one month’s rent, whichever is greater. If your rent is $1,500 per month, don’t expect a landlord to go for your offer of a $100 security deposit. Unfortunately, the right to keep or subtract from the security deposit is forfeited by the landlord if the security deposit is not returned on time, together with an itemized statement of deductions. This means that the maximum amount of money a New York City landlord may collect upon lease signing is one month of rent and a one month security deposit, for a total of. You should be reimbursed on check-out. Security deposits. 5% interest, then at the end of the year the account will have earned $10. You can rent a car for 4 hours and still will be asked to pay a $2000 security deposit. " At this point I'm a bit suspicious so I ask her if she received the 50 dollars. Sarah Tew/CNET. Security Deposit $600. While laws vary by jurisdiction and state, landlords are typically allowed to deduct costs related to damage or excessive dirtiness from a tenant's security deposit. So, for example, if your rent is $1000. [1] The security deposits must not be mixed with the landlord’s own funds. Many property managers make the security deposit a full month’s rent. Landlords are permitted to charge security. State. According to this post from Zillow, pet deposits typically range from a flat fee of $200 to $500, while some cities, such as Seattle, limit the. The maximum amount that can be reclaimed through Small Claims Court is between $3,000 and $10,000 depending on where in the state the case. 14 days: without deductions for damages. Laws surrounding the collection and return of security deposits in Maryland should get followed accordingly by both the tenant and landlord to ensure a safer and better rental experience. If he doesn’t plan on giving it back, he must send you a letter that states the damages that you have. If your car is sitting unused or you want to offset your car payment, Getaround is a peer-to-peer rental marketplace where you can make extra money renting your car to individuals, rideshare drivers, and delivery drivers. Texas Security Deposit Limit. 00 in interest. This sum serves as a protective measure, ensuring the landlord has a financial cushion against potential damages or. Age 20 45% of Trip price. The amount will vary from state to state. . A security deposit is a sum of money a tenant needs to pay as a protective measure in case the unit is damaged. Upon termination of the tenancy or the date the tenant vacates the dwelling unit, whichever occurs last, such security deposit, whether it is property or. This is a great opportunity to make money while. Yes, landlords are required to do so. Michigan Compiled Laws, Chapter 554, Landlord and Tenant Relationships, Section 554. A security deposit is money the renter pays to cover any potential lease violations during their tenancy, such as damage to the apartment, unpaid rent, or breaking the lease. 87USD. Their website prominently displays the requirement for $1000 deposit (which is nice because in reading the forums it looks like a lot of places don't advertise this). This year's security deposit interest rate. A California bill that would lower the amount a landlord can collect for security deposits is gaining steam. Written notice must be delivered to the tenant and must include the security deposit due, if any, to the tenant, plus an itemized statement of deductions. 84. Security deposits generally must be held in “an interest bearing escrow account established and held in trust in a financial institution in the District of Columbia insured by a federal or state agency for the sole purposes of holding such. 00. For non-residential property, the maximum security deposit will be equal to 6 months’ rent amount. The “security” part of security deposit refers to a protection for the landlord or owner of the rental unit. Deposit amount: $150. They do offer the lowest security deposit at just $150 though. Friends and users can each get $20 for using the service, or $200 if they share a car. Maximum Security Deposit. 47. Getaround TrustScore is factored into all trips which means that for some trips, security deposits and fees may fluctuate. Specifically, as a landlord, you must charge them no more than 1. When trying to move into an apartment, getting security deposit insurance can be a more affordable option as it relieves the burden of having to pay an upfront security deposit. In any case, landlords have 30 days from the end date of the lease to return the tenant's security deposit. Hours: 8:15 am to 4:30 pm (open Monday to Friday, closed statutory holidays) Phone:. If a landlord delivers a security deposit or prepaid rent to a garnishor in violation of ORS 18. This Under 25 Fee is charged to the Guest for the reservation of a Getaround car and is required for each trip and any extensions on the Trip. 5(g)(5). Depending on your bank, these funds may take a few days to become available. How Much: Changes annually (0. £6,000 ÷ 52 = £113. This means if you are renting a one-bedroom for $600, and you paid a $700 security deposit, you are entitled to 5% interest on $100 of the deposit. 2. Annual rent= £1000 x 12 months= £12,000. The state of Ohio’s landlord tenant act includes specific rules for the security deposit. You should pay the security deposit by a separate personal check or by a bank money order. If one total month’s rent is $1,000/month, a landlord could charge you $1,000 for a security deposit.