How Much Are Landlords Allowed To Charge For Security Deposits ?

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How Much Are Landlords Allowed To Charge For Security Deposits ?


Apartment Listing  

The amount of security deposit a landlord can collect from a tenant varies from one state to the other. Different states have different rules and laws so understanding the basics is important. You have to pay a security deposit to assure the landlord that you will be paying your rent on time and ensure that the property will be maintained in a good condition.

The amount of security deposit a landlord is allowed to charge varies from one state to the other. In nearly 50 percent of the states in the US there is no fixed rule. This is applicable in Florida, Illinois, New York and Texas. In the remaining part of the country, the security deposit to be charged depends on the State’s rules and laws. For example, in California the landlord can charge two months rent for an unfurnished unit. In Massachusetts, the landlord can take up to two months rent as security deposit. In New Jersey and Arizona, the tenant has to pay one and a half month’s rent. However, in Arizona the landlord can charge more if the tenant also agrees to pay more.

The amount of time taken to return the security deposit also defers from one state to the other. In California, the landlord will return the security deposit in three weeks time. In Illinois and Texas, the landlord would take thirty days to return the money back. In Florida, it might take fifteen to sixty days to get the money back depending on the amount of damage caused.

The landlord can deduct money if he finds that there has been some damage caused to the property while you were residing. However, he has to give a detailed bill describing the amount of money spent for each repair work.

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How Much Are Landlords Allowed To Charge For Security Deposits ?

 
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Renting Laws :

How-To-Calculate-Interest-On-Security-Rent-Deposits      A security deposit has to be paid by the tenant to the landowner in case of a lease agreement. The rate for security deposits varies from one state to the other. In some cases, if the tenant has been found guilty of causing extensive damages to the landlord’s property, the owner can deduct money from the security deposit before repaying the money back to the tenant when he/she decides to vacate the place. The landlord can use the security deposit if the tenant has failed to pay the rent on time or has refused to the pay the rent altogether. More..



 
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How Much Are Landlords Allowed To Charge For Security Deposits ?