SECURITY DEPOSIT LIMITS

 

SECURITY DEPOSIT LIMITS

(Check below to see if there is a limit to the amount of security deposit you can legally charge rental residents. If your state is not listed below, then your state statutes may not specify limitations, however, your local courts or government might have established limits on security deposits. Also please note, that in some states, owners with only few units (that are not professionally managed), are exempt from deposit limits. However, to reduce the risk of costly legal challenges, we would encourage all owners to follow any deposit limits for your state, and not try to hide behind any possible exemptions.)

AK. Rents above $2,000 are exempt from security deposit laws.
AZ. Not more than 1 1/2 months rent.
AR. Not more than 2 months rent.
CA. Up to 2 months for unfurnished. 3 months for furnished.
CT. Not more than 2 months' rent for tenants under 62.
Not more than 1 month for tenants over 62.
DC. Not more than 1 month's rent.
DE. Not more than 1 month's rent for 1 year agreements or more.
No limit for month's rent for month to month agreements or furnished apartments.
HI. Not more than 1 month's rent.
IA. Not more than 2 months' rent.
KS. Not more than 1 month's rent and not more than 1 1/2 for furnished unit.
No more than 1/2 month's rent for pet deposit.
MN. Not more than 2 months' rent.
MD. Not more than 2 months' rent.
MA. Not more than 1 month's rent.
MI. Not more than 1 1/2 months' rent.
MO. Not more than 2 months' rent.
NE. Not more than 1 month's rent.
Owners can charge and extra 1/4 month's rent for pet deposit.
NV. Not more than 3 months' rent.
NH. Not more than 1 month's rent or $100, whichever is more.
NJ. Not more than 1 1/2 months' rent.
NM. Not more than 1 month's rent for rental agreements under 1 year.
NY. NO limit except for rent-stabilized units in New York City.
PA. Not more than 2 months' rent during the first year.
After the first year, owner may only keep up to 1 month's rent.
RI. Not more than 1 month's rent.
SD. Not more than 1 month's rent.
VA. Not more than 2 months' rent.

Above guidelines from The Complete Idiot's Guide To Being A Smart Landlord. Please notify editor@mrlandlord.com if you discover any of the above information to be incorrect or if the deposit statutes have recently changed for your state.

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