A security deposit is money collected by a landlord and held in their trust until a tenant ends their lease. In case a tenant damages the rental unit, the landlord uses the security deposit to pay for repairs. However, if the tenant does not owe the landlord any money once their lease ends, the security deposit is returned to them.
Charges for a security deposit can be as little as one month's rent to as much as two months' rent. A landlord can only charge a tenant who is older than 62 a maximum of one month's rent.