How do security deposits work?

Flip can hold a security deposit in escrow (in our account) during a lease. We'll mediate any disputes that come up and make a final decision on approving or denying any claims.

For Listers

What can I make a claim for?

Flip can evaluate claims for the following:

  • Clear damage made to structural parts of the apartment or any furniture items
  • Unpaid rent during the sublease period
  • Utility payments your renter agreed to make

Security deposits generally do not cover wear and tear or any items that would be remedied by a standard cleaning. We may evaluate claims outside of the items listed above, at our discretion.

How do I make a claim on my renter's security deposit?

You can do this from your Listing Dashboard. Click Manage > Tenants and select your current tenant's name. At the bottom, click the Request claim button.

You'll need to fully justify the amount you're claiming. Please include a detailed explanation of what's damaged and how you calculated repair/replacement costs. Additionally, please upload any relevant evidence of the damage. Evidence may include: communication with your renter, before & after photos, professional estimates, receipts, and/or anything else you feel is relevant.

Note: To enter decimal values, type out the full dollar amount somewhere else, e.g., $240.48, and copy/paste it into the Claim amount box.

What is the process after I make a claim?

We'll reach out to your renter to see if they accept the claim and allow them one week to respond. They'll have an opportunity to dispute the claim and provide their own evidence if they wish.

After one week, Flip will evaluate the evidence provided by you and your renter. If your claim is approved, we'll issue a payout to you and send the remainder of the security deposit to your renter. Flip may approve your claim for a different amount than the one you entered.

If your claim is not approved, your renter will receive their full security deposit back.

How long does it take to get my payout once my claim is approved?

You'll receive a payout in 3-4 business days.

How long do I have to make a claim after the end of the sublease?

Your renter's security deposit will be automatically released fourteen days after the last day of the sublease. You must make any claims before this date. Flip is unable to extend this claim period.


For Renters

How long do refunds take after I move out?

Your lister has fourteen days from the last day of the lease to file a damage claim against your security deposit. If no claim is made within that period, your security deposit will be automatically released to your original payment method.

If you originally paid your security deposit more than 90 days ago and you used a bank account, we'll send your security deposit refund to your payout account.

What happens if my lister makes a claim against my security deposit?

We'll notify you and give you one week to respond. You'll have an opportunity to dispute the claim and provide additional evidence. Flip will then evaluate the evidence provided by you and your lister.

If the claim is approved, you'll receive your security deposit less the amount of the claim. Otherwise, you'll receive your full security deposit back.


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