Can a renter refuse or withhold a monetary deposit if a renter is denied credit?

Question

paid $500 to property owner
under agreement "cancel" = loss of deposit
21 day return for deposit???
was asked to get a co-signer but can't
getting harassed by property owner

Answer 1

Yes, the property owner has a right to retain the deposit. The deposit is for this purpose, to keep flakes from wasting their time and resources.

Answer 2

you have a lot going on... generally the owner can keep your deposit if your credit is not good (this for only as long as you rent) deposit must be returned after final check of cleaned out apartment. usually within 30days (includes Sat not Sun.

I'd check that cancel=loss, you did not cancel, you were denied because of your credit score. the owner can ask for a co-signer.. if you do not than deposit should be returned (minus any small fee for place being not rented (divide rent by number of days, = daily rate, minus that from deposit. getting harassed by owner is a big no no, many folks do not know their rights.. contact your housing/rental office in your city/state or Federal gov. document all occurrences and any witness, consider moving you might not want to stay in a place with a owner like that to begin with.

Answer 3

$500 sounds about right. Typically they ask for one months rent as deposit.
If the contract says you loose if you cancel, then that is correct. Each contract can be different, but that is pretty standard.
21 days, also correct. If they have some problems to resolve when you leave, they need some time to determine if any money is due to them.
If they allowed you to sign the contract and move in without a co-signer, too bad for them; the contract is with you. Even if you said you would get a co-signer, too bad. The contract is the contract and that works both ways; you both have rights and benefits under a contract. If you didn't, it wouldn't be a legal contract.

Good Luck