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 security deposits for their tenant in an escrow account.
Homeowners on Alcove manage the entire process directly on the platform. This includes handling deposit payments, tracking ledger activity, initiating returns, processing payments, resolving disputes. Each lease on Alcove requires a standard security deposit of $300.
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, select 'Start Deposit Return' in your Leases & Tenants tab. For more information, please visit our article on: Deposit Returns on Alcove.
Please note 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: https://www.ncrec.gov/Brochures/TenantBrochure.pdf
- For Georgia: https://www.accgov.com/DocumentCenter/View/1170/Georgia-Landlord-Tenant-Handbook