Deposits

Security Deposits

A security deposit is required in order to lease an apartment from the Boston University Office of Rental Property Management. A security deposit is equal to one month’s rent. It is not considered pre-paid rent or the last month’s rent. It is a deposit held in a separate interest bearing account and will be returned to you within thirty days of the date you vacate your apartment or return your keys (whichever is latest), if applicable. You are entitled to the interest earned on the deposit if you reside in the apartment for twelve months.

Deductions will be made from your security deposit for any damages to the apartment other than normal wear and tear or for any unpaid rent or other applicable charges. All deductions made will be itemized and provided to you in writing.

Key Deposits

A key deposit is also required when leasing an apartment from the Boston University Office of Rental Property Management. A key deposit is $50.00 and is held until such time as the keys and any and all access cards that were issued to you by the ORPM are returned to our office at the end of your tenancy. Key deposits are returned along with security deposits, provided the keys and access cards are returned in a timely manner, the apartment is left in the same condition as when you took occupancy (with the exception of normal wear and tear) and there are no outstanding balance issues.

Deposit Policies

Please note that the security deposit and key deposit are required at the time you lease an apartment. The first month’s rent can be paid at that time but is not due until the date your lease commences. Rent and deposits must be paid by separate check. We accept personal checks, money orders and bank checks only. Cash and credit card payments are not permitted.

Most local landlords will require the first month’s rent, last month’s rent, security deposit and key deposit (the amount of three month’s rent plus key deposit) prior to you taking occupancy. Most area Realtors may require you to pay the first month’s rent, last month’s rent, security deposit, key deposit and a one-month’s rent finder’s fee (the amount of four month’s rent plus key deposit) prior to taking occupancy. Finder’s fees are generally the equivalent of a month’s rent and paid directly to the Realtor. Finder’s fees are also generally not refundable.

The Boston University Office of Rental Property Management requires only the first month’s rent, security deposit, and key deposit prior to occupancy, which is the equivalent of only two month’s rent, plus a $50.00 key deposit. We do not charge the last month’s rent in advance. We do not charge a finder’s fee.