How do security deposits work as a homeowner or property manager?

The homeowner holds a $300 per tenant security deposits. Alcove will assist with collecting damages if they exceed the deposit amount.

As with any rental property, the homeowner is responsible for holding and managing security deposits for each tenant in an escrow account. Alcove automatically schedules a move out inspection after each tenant moves out. The landlord is permitted to deduct any damages beyond normal wear and tear from their security deposit.

Alcove can assist in cases where there is a deposit dispute. To begin, a ticket will need to be submitted in your support portal. For more information, please visit our article on Tenant Responsibility for Damages

Please note, in certain states, the landlord is required to either refund the deposit or provide interim accounting within 30 days.

For state specific information on deposits, please visit: 

For North Carolina:

For Georgia:

For legacy leases, the contract may vary. If you have any questions about legacy leases, please reach out to us by submitting a support ticket in your Alcove account or emailing us at