AMA - Damage Deposits In Residential Leases

This question also comes from Chris who is asking a follow-on question from last week’s question on apartment turnover. Last week Chris was asking about how long to budget for making a unit rent ready. So here is his question.

“If the average  apartment turn requiring cleaning and “light repair” is around $2,000 shouldn’t the tenant security deposit collected at lease signing be no less than this?  Or am I thinking about this wrong and one has nothing to do with the other?  I’m simply approaching this with a mindset that you want to try and avoid being in the red for apartment turns coming out out of your pocket.”

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