I have been living in an apartment for the past 2 years. When I first moved here, I just moved to the US and had not credit history. So they took 2 months rent ($5000) as deposit. Two years later, I have a 760 credit score + much higher salary.
I think its a complete waste that $5000 is sitting somewhere without any interest coming on top of it. This could easily be in my HYSA account. Generally for this apartment, if you meet the income/credit score requirement, the deposit is $1000.
I tried asking if they can pull my credit again, and give me a partial deposit back if everything looked good. And they said no. Only if I move out. It's a really good apartment overall, and management has been extremely good. And I love living here.
After the first year, they didn't increase my rent, it stayed the same. In my second year, they increased it by $50, so it's $2550. Now I'm debating if I just renew and stay here. or move out so I can get my deposit back. The moving company cost will be around $800. Most placed I looked at for new apartment, deposit is around $600.
What would you do in this situation?
original posted by BallDontLie06 to r/personalfinance on Sat, 09 Mar 2024 07:26:53 GMT.