Rent deposits. They are something that a tenant has to prepare for in advance, but a landlord has to be prepared to give a rental deposit return when the lease is up.
In Idaho, there is no legal limit to how high the initial security deposit can be but there are certain laws about how you have to return that security deposit to renters.
What are those laws? This is what you need to know.
When it comes to Boise and Idaho in general, there are two key deadlines for returning security deposits back to tenants.
The first deadline applies to those who had no written agreement about a return date. The deadline in this situation is 21 days after the tenant surrenders the premises to return the money.
Now, the other deadline would be for those who had a written agreement about the return date. But, an Idaho rental deposit return cannot take place more than 30 days after the tenant leaves the property, even with this.
What this means is that if you, the landlord, want to write this in as part of your agreement to give yourself more time to come up with the funds, you cannot legally write in a deadline that is longer than 30 days after the tenant leaves.
Itemized Rental Deposit Return
According to the Idaho Legislature, landlords who do not return the full amount of the security deposit back to the tenants must create an itemized rental deposit return. What this means is that if you need to keep part of the deposit for a legitimate reason, you need to put that and the exact cost in writing.
An example of a legitimate situation might be if the tenant put a big hole in one of your walls, and you need to fix that before renting the place out to someone else. You would list how much that costs to fix, and keep that part of the deposit out.
What you CAN NOT charge for when keeping part of a security deposit is normal wear and tear. So, if you have certain items in your apartment that go through normal depreciation, you cannot foot that bill onto the tenant's security deposit.
So, what if you are in a situation where you are a new owner with someone who signed a lease with the old owner? Well, in this scenario, you would be the one responsible for returning the security deposit.
According to the Idaho state legislature, in most circumstances, it is the responsibility of the new property owner to return the tenant's security deposit. So, do your due diligence before you buy the property, and make sure you get access to the security deposits of current tenants in the building.
Manage Your Rental Deposit Return
These are some of the key facts that you need to know about a rental deposit return in Boise. As long as you remember the deadlines, what counts as ordinary wear and tear, plus who is responsible for returning deposits, you should be in good shape.
Do you need more help? Contact us with any questions about your property, whether it's in Idaho Falls, Boise, or anywhere in between.
Andrew L. Propst
MPM® CPM® CCIM®