Limits and Requirements:
Maximum: One months' rent (Only applies to security deposits paid on or after October 1, 2024)
Must provide receipt
Must put deposit in escrow account
Interest rates:
Leases before January 1, 2015: 3% per year
Leases after January 1, 2015: 1.5% or daily U.S. Treasury yield rate (whichever is greater)
Return of Deposits:
Must be returned within 45 days after lease ends
Landlord can only withhold for actual damages beyond normal wear and tear or unpaid rent
If withholding any portion, landlord must provide itemized list of damages and costs
Landlord may be liable to the tenant for three times the withheld amount, plus reasonable attorney’s fees if deposit not returned timely
Inspection Rights:
Tenants have the right to be present for final inspection if requested by certified mail 15 days before moving
Landlord must then notify tenant of inspection time by certified mail
Surety Bonds:
Alternative to security deposits
Unlike deposits, premium paid is not refundable
Tenant still remains responsible for damages
Taking Possession
If a landlord fails to give a tenant possession of the rental property at the start of the lease:
Tenant can cancel the lease with written notice
Landlord is liable for your damages and expenses
Tenant does not owe rent for days they could not occupy the unit
Lease Renewals