As part of leasing a property from Cox Realty we will collect a refundable security deposit from you. This security deposit will be placed in a our real estate property management trust account, which is non interest bearing checking account. (Note – effective April 2023 we are moving to an interest bearing checking account with interest being paid to a non profit). The security deposit acts as a form of insurance to ensure that you keep the house in good condition.
If an applicant meets all of our screening criteria then amount of the security deposit will be equal to one month of rent. If a tenant does not meet all of our screening criteria, but are close, sometimes we are able to approve with additional conditions, such as a larger security deposit.
When you are ready to move out of one of our managed properties you will need to follow our move out process and the terms of your lease. It is our goal to return 100% of your security deposit when you move out. However, that is not up to us, rather it is up to you. In your lease you agreed to surrender possession of your home back to us in as good condition as the you got it, less reasonable wear and tear, and reimburse us for any repairs or maintenance that may be necessary. We do not mark up repair and maintenance costs to return properties back to rentable condition. Therefore the exact cost will be charged to you. We do have some sample costs listed as an addendum to your lease as well as on as the “Common Move Out Damage, Cleaning, and Repair Costs” listed as part of our move out process, however these are just sample charges. You will be charged the actual cost if you do not return the property back to us per the terms of your lease.
Almost all of our units are pet free, however if you are in a unit that the owners of the property approve a pet there will be a larger deposit to cover potential pet damage.
Cox Realty will not charge an additional or larger security deposits for service or support animals, however you will be charged to repair damage caused by a service or support animal.
Your lease will most likely include a provision where you were notified under Utah Code Section 57-17-2 that if you break your lease and move out early then your entire deposit is forfeited and becomes non-refundable.