Security deposits ensure that a landlord's tenants keep the property well maintained and as insurance against any neglect or damage. However, landlords must return the security deposit to the tenant it if rental unit accrues no damage during occupancy.

Considerations

The laws on holding a security deposit depend on the state in which you live in. Always double check any pertinent state and local real estate laws.

Return of Security Deposit

Unless you caused damage to the apartment or the landlord incurred any fees for removing your property from the dwelling, he must eventually return the security deposit or the difference between what the landlord spent and the balance of the security deposit.

Features

Some landlords keep security deposits in a bank account that pays interest. When this happens the landlord must pay you the interest, minus a handling fee usually worth a small percentage.

Misconceptions

Security deposits are only meant to cover damage that you specifically cause, not natural wear and tear, such as fading paint. In addition, you do not have to pay for damage from acts of nature, such as flooding or a hail storm.

Time Frame

Landlords typically have a few weeks to refund your security deposit. The standard time frame falls between 15 and 30 days. If the landlord does not give the deposit back in a timely manner, write a letter the landlord or consider legal action.

Source:

Prairie State Legal Services: Renter's Guide to Security Deposits in Illinois

Pine Tree Legal Assistance: How to Get Your Security Deposit Back

Neighborhood Legal Services: What Is a Security Deposit?