What is a security deposit and how can it be used? Today I’d like to clarify some important points on this subject.
Security deposits are a crucial subject for anyone who rents out their property or is thinking of doing so.
First, it’s important to realize that you can only take one month’s security deposit in the state of Hawaii. The same goes for the pet deposit. At our company, we scale the pet deposit based on the size and breed of the animal.
“In the state of Hawaii, security deposits are used specifically for damage—not for rent.”
For pets over 50 lbs, the tenant will be charged a deposit between $800 to $1,000. We also require that the tenant take out an additional $10,000 liability policy if the animal is categorized as a “dangerous breed.”
For pets or otherwise, security deposits are intended to ensure that no damage befalls your property. In the state of Hawaii, security deposits are used specifically for damage—not for rent. A tenant who breaks their lease cannot just forfeit their security deposit in lieu of rent.
If you have any other questions or would like more information, feel free to give us a call, send us an email, or visit our website: www.hipacificpm.com. We look forward to hearing from you soon.