A holding deposit is typically required during your application process to reserve or put a hold on the apartment home you are interested in. When a holding deposit is submitted, this takes the apartment off the market, making it temporarily unavailable for other potential residents. A holding deposit can be refunded within 24 hours if you choose to release the apartment you have on hold or if your application is denied. If you sign a lease on the apartment you reserved, your holding deposit fee will be applied to your security deposit.