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Why are security deposits being held and what happens to them after the lease ends?

Security deposits are held to cover Resident-caused damage discovered at lease-end after a Resident has vacated your property.

We hold security deposits for your homes in a non-interest bearing escrow account, as pursuant to state laws, until the end of your Residents’ lease. Upon your Residents vacating your property, we have a limited timeframe to identify any Resident-caused damage to your home throughout their residency before we must issue a Statement of Deposit Account (SODA) and return the remaining Security Deposit (less any fees due to Resident-caused damage) to the Resident.

 

For new Great Jones owners, it may take a month or so for your security deposits to fully transfer from your prior management company to Great Jones and appear in your Owner Portal and Monthly Statement.