How do you handle security deposits?

The security deposit is an important tool to protect your investment and align you interest with tenants. There are 2 ways security deposits are dealt with at Nomad:

In Arizona, California, Colorado, Florida, Georgia, North Carolina, and Texas Nomad will collect and hold the security deposit in trust until the Tenant moves out. Then, we send the security deposit to the Owner and the Owner makes any necessary deductions to cover repairs and returns the remainder to the departed Tenant. (Please note owners in these states can still request to hold the deposit but a signed addendum is required.  Make the request to support@nomadlease.com)

In all other states, Nomad will collect and process the security deposit from the tenant and distribute it to the owner to hold in accordance with local laws. When the tenant moves out, the Owner makes any necessary deductions to cover repairs and returns the remainder to the departed Tenant.