Before we get into details of the security deposit, the first thing to know is that with Elara homes, you can choose to pay only a fraction of it. We offer an option to pay 25% or 50% of the refundable security deposit along a small monthly fee instead of the full security deposit. The difference is that unlike the security deposit, no part of that monthly fee will be refundable at the end of your lease.
Whichever option you choose, you will pay your full or partial security deposit through the Elara Resident Portal once your rental application has been approved. That deposit will be held until the end of the lease term, at which point an Elara team will assess the condition of the home. Normal wear and tear in the home is expected, and your security deposit will be used to cover repairs, additional cleaning, and any outstanding charges. If we're using any part of your security deposit, we'll send you an itemized list of what it's being used for and how much the work costs. We'll return the rest within three weeks of the date of your last rent payment.