Every state has different rules when it comes to security deposits, and Florida is no different. Here are some of the top facts to know about Florida’s security deposit laws:
How Much Can Landlords Charge?
Florida state laws have no limits on rent or security deposit costs. However, most landlords in Florida will charge no more than two months’ rent as a security deposit. However, there may be city or county restrictions, so be sure you double-check and don’t charge more than your local government allows.
How Is the Deposit Stored?
In Florida, you can (legally) store a security deposit in three ways. The first is a surety bond, which is an agreement with a third party to guarantee the deposit amount. However, most landlords will place a tenant’s security deposit in either an interest-bearing or non-interest-bearing bank’s savings account.
Landlords must provide the following information in writing within 30 days of receiving the deposit:
What kind of account is being used
- Where the security is being held
- What interest rate, if any, is being paid on the deposit
For surety bonds and interest-bearing accounts, landlords must return any deposit-generated interest to tenants.
How Long Do Landlords Have to Return a Deposit?
Florida landlords are required to return security deposits within 15 to 60 days, starting as soon as the tenant surrenders the property. If the landlord is making any deductions from the deposit, they must notify the tenant in writing within 30 days after surrendering the property.
What Deductions Can Landlords Make from a Deposit?
Landlords can deduct from a deposit for a number of reasons, including:
- Damage beyond normal wear and tear
- Unpaid rent or utilities
- Exceptional cleaning costs
- Breaking a lease
Don’t forget that landlords must declare all deductions within 30 days or risk forfeiting their rights to those funds.
Consult the Pros
Still not sure what to do with your tenant’s security deposit? If you have more questions about Florida security deposit laws, contact Reliable Property Management today!