Security Deposit FAQ
Answers
to frequently asked questions about putting your money down and getting
it back
From
the Nolo.com Landlord and Tenant Center
How much
security deposit can a landlord charge?
All states
allow landlords to collect a security deposit when the tenant moves in;
the general purpose is to assure that the tenant pays rent when due and
keeps the rental unit in good condition. Half the states limit the amount
landlords can charge, usually not more than a month or two worth of rent
-- the exact amount depends on the state.
Many states
require landlords to put deposits in a separate account and some require
landlords to pay tenants the interest on deposits.
What are
the rules for returning security deposits?
The rules
vary from state to state, but landlords usually have a set amount of time
in which to return deposits, usually 14 to 30 days after the tenant moves
out -- either voluntarily or by eviction.
Landlords
may normally make certain deductions from a tenant's security deposit,
provided they do it correctly and for an allowable reason. Many states
require landlords to provide a written itemized accounting of deductions
for unpaid rent and for repairs for damages that go beyond normal wear
and tear, together with payment for any deposit balance.
A tenant
may sue a landlord who fails to return his or her deposit when and how
required, or who violates other provisions of security deposit laws such
as interest requirements; often these lawsuits may be brought in small
claims court. If the landlord has intentionally and flagrantly violated
the law, in some states, a tenant may recover the entire deposit -- sometimes
even two or three times this amount -- plus attorneys' fees and other
damages.
The rules
for the keeping and return of security deposits can be found in your state's
landlord-tenant statutes.
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This article
provides information and general advice about the law. But laws and procedures
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