Deposits

Security Deposits are required in order to lease an apartment from the Boston University Office of Rental Property Management (ORPM). A security deposit is equal to one month’s rent. It is a deposit held in a separate account and will be returned to you thirty days after the date you vacate your apartment or return the 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. Deductions made will be itemized and provided to you in writing. For more information regarding security deposits please read the security deposit clause of the leases located in the Lease Term section.

Key Deposits are also required when leasing an apartment from Boston University’s Office of Rental Property Management. A key deposit is equal to $50.00 and is held until such time as the keys are returned to our office at the end of your tenancy. Key deposits are returned along with security deposits, if applicable. For more information regarding key deposits please read the key deposit clause of the lease located in the Lease Term section.

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 checks and money orders only. Cash and credit card payments are not permitted.

Many area 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, 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 security deposit and key deposit prior to occupancy, which is the equivalent of only one 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 or a Realtor’s fee.