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Deposits on storage units

wssswsss MARegistered User
I am not sure if it from varies from state to state but in Massachusetts if you charge a "security deposit" you need to put it in an account and provide interest on it to the customer. This creates a significant amount of work. Currently when a tenant moves in we charge them last months rent. When they give 30 days notice we apply it to their last month. This does not help if there is any sort of problem when they move out. I would prefer not to give them their money back until after they move out and I am sure everything is clean and ready for the next tenant. How do you handle this? Any suggestions?
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Comments

  • OrkoceanOrkocean CARegistered User, Daily Operations Certified, Advanced Operations Certified, Administrator Certified, myHub Certified ✭✭✭✭✭
    The only time I've ever been involved with facilities that require deposits is if it was for an office type space. Otherwise we've never bothered. In Natick, MA we never used deposits. Just a simple admin fee and pay monthly. Not sure if you're in an area of MA that's known for people damaging the property or something to require you to need a deposit but if it's not a real issue maybe get rid of deposits?
  • CVSSSTORAGECVSSSTORAGE CARegistered User, Daily Operations Certified ✭✭✭✭
    we require a deposit on the bigger 12x42 units we tell them the deposit cannot be used on their last months rent and we mail them a check out once they moved out and there is no damage so they know they are not getting money back on the day they move out.
  • i43storagei43storage WIRegistered User, Daily Operations Certified, Advanced Operations Certified, Administrator Certified, myHub Certified ✭✭✭✭✭
    In Wisconsin, we are not required to put the security deposit in a separate account and we do not need to pay interest.  I know of some other local storage owners who give this option to the tenant:  either a) pay one month's rent as a security deposit and get it back after you move everything out; or b) pay this higher rent each month.  A lot of people pay the higher rent - even though it costs them more in the long run.
    Jean Marie
    I-43 Storage
  • skinmanskinman KSRegistered User, Daily Operations Certified, Advanced Operations Certified, Administrator Certified, myHub Certified ✭✭✭✭✭
    We charge a $20 refundable deposit. Follow the lease terms and give the unit back the way you received it... we mail them a check.
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