How Are Deposits Handled?

Here is how security deposits work for Nomad rentals.

When is the deposit collected?

The security deposit is collected before or at the time you move in, as specified in your lease agreement. The exact amount is listed in your lease.

Where is the deposit held?

Security deposits are held in a separate escrow account as required by applicable law. Deposits are not used for operational expenses.

When is the deposit returned?

Deposits are returned after you move out, once we have completed the move-out inspection and settled any outstanding balances. State law governs the timeline. In most states this is within 21 to 30 days of your move-out date and the return of keys.

Security deposits are held in a separate escrow account and returned after the move-out inspection is complete and any outstanding balances are settled. The return timeline is governed by state law, typically within 21 to 30 days of your move-out date.

Deposit deductions

Deductions may be taken for unpaid rent, damage beyond normal wear and tear, cleaning costs if the unit is left in worse condition than it was received, and any other amounts owed under your lease. You will receive an itemized statement of any deductions along with the remaining deposit balance or a bill for amounts owed beyond the deposit.

What is considered normal wear and tear?

Normal wear and tear refers to the gradual deterioration that occurs through ordinary, reasonable use of the property. Examples include small nail holes from hanging pictures, minor scuffs on walls, and carpet wear from regular foot traffic. Damage caused by neglect, misuse, or accidents is not considered normal wear and tear.

If you have a question about your deposit