What's Happening?
Carissa Reese, a 28-year-old landlord and real estate investor from Houston, Texas, has gained significant attention on TikTok for her decision to return a tenant's full security deposit. Despite the presence of 'wear and tear' in the rental property,
Reese chose not to withhold any part of the deposit, a decision she attributes to her own experiences as a renter. Reese's video, which has amassed over 3.5 million views, documents the condition of the property after the tenant moved out. She highlights that the property, a three-bedroom, two-bath house with a detached office, showed no significant damage, only normal wear and tear. Reese emphasizes that minor marks and changes, such as holes from TV mounts, are part of normal wear and tear and should not be considered damage. Her approach contrasts with her past experiences as a renter, where she never received her security deposit back despite leaving properties in good condition.
Why It's Important?
Reese's decision to return the full deposit is significant in the context of the current rental market, where many renters face financial pressures. According to a report from the Harvard Joint Center for Housing Studies, the number of cost-burdened renters in the U.S. reached a record high in 2023, with many spending more than 30% of their income on housing. Reese's approach highlights a potential shift in landlord-tenant relationships, emphasizing fairness and understanding of normal property use. This could influence other landlords to reconsider their policies on security deposits, potentially easing financial burdens on renters. Reese's actions also underscore the importance of landlords maintaining properties between tenants, ensuring they are safe and livable, which could set a new standard in the rental industry.
What's Next?
Reese's viral video may inspire other landlords to adopt similar practices, potentially leading to broader changes in how security deposits are handled. As more landlords become aware of the financial struggles faced by renters, there could be increased advocacy for policies that protect tenants' rights to their deposits. Additionally, Reese's emphasis on property maintenance could encourage landlords to invest more in the upkeep of their properties, ensuring they remain attractive and safe for future tenants. This shift could also prompt discussions among real estate professionals about best practices in property management and tenant relations.
