How is 'Total tenant deposits held' calculated?

An overview of when a Tenant Lease included in the Deposits Held table

Within your Leases & Tenants page, you will find a table summarizing the total number of leases and the amount of deposits held by you for your tenants.

Here's how this table is calculated:

After a lease is signed by both you and the tenant, the tenant is required to pay a $300 deposit to secure and finalize their lease. Once the tenant pays their deposit, it is added to your ledger and processed to your bank account based on your Stripe payout preferences.

The deposit will count towards the tenant deposits held as soon as the tenant pays, even if it may not yet been processed to your bank account.

At the end of the lease, you as the landlord are required to initiate the deposit return via the Leases & Tenants page. You can choose to initiate a full refund, a partial refund, or charge the tenant for any damages or outstanding balances. Once you initiate the deposit return, the deposit is marked as refunded in the system and is no longer counted in the table.

Please note that even though the deposit is no longer counted in the table once you initiate the return, there may be a delay in processing due to the payment and Alcove's review process. This means there may be several business days during which Alcove has not yet deducted the deposit from your ledger and refunded it to the tenant, even though it is indicated as no longer held in the table.

Note for Agents: If you are a licensed real estate agent or property manager managing deposits on behalf of your client, it is important to ensure you are handling these correctly. Alcove does not guarantee the accounting accuracy of state law deposit handling processes. Please consult your broker-in-charge or a real estate attorney for assistance.