Florida Rules For Security Deposits

The landlord-tenant relationship has a reputation for being contentious in general, when in reality countless landlords and tenants work well together and no issues appear. That said, even a cordial landlord and tenant may wind up in a dispute when the issue is the security deposit. The handling of a tenant’s security deposit is one of the most potentially volatile problems that may make itself known when a tenant is intending to move out, and it is important that both landlords and tenants understand Florida’s rules to handle the deposit correctly.

Why Request Them?

A security deposit is intended to totally or partially compensate a landlord for any damage done to the unit that is worse than ‘ordinary wear and tear’ while a tenant occupies it – for example, holes in walls or plumbing problems attributable to the tenant. If the landlord and tenant can agree on what constitutes ‘ordinary wear and tear,’ the cost of any damage over that threshold will be taken out of the security deposit.

In terms of the actual amount of a security deposit, it will vary, but not that much. As of this writing, Florida law does not set an upper limit on how much a landlord may charge as a security deposit. That said, any landlord who wants more than the amount of two months’ rent as a deposit is almost certainly pricing themselves out of the range of most tenants in this day and age. Two months’ rent is usually an appropriate amount to cover any damages later on, unless truly extraordinary issues have occurred.

Landlord Must Handle Deposit Appropriately

Even before one might have to worry about using the security deposit, it is important for both parties to understand how it must be handled. Legally, a landlord must retain a security deposit only in very specific ways – for example, they may hold it in a non-interest-bearing account at a bank in Florida – they can use an interest-bearing account, but if they do, the tenant must receive at least 75 percent of the interest. Alternatively, a landlord can post a surety bond for the amount or for $50,000 (whichever is smaller).

Whatever their decision, the landlord must then inform the tenant within 30 days of how their security deposit will be kept, and they must inform the tenant within 30 days if the deposit is moved at any point during their tenancy. If the deposit is not used during the tenant’s time in the dwelling, it must be returned promptly – and while Florida law currently does not suggest an explicit penalty if a landlord does not return these funds promptly, it does allow a tenant to file suit against the landlord for their return.

Call A Tampa Landlord-Tenant Attorney

Most landlords and tenants are able to work together, ensuring everyone’s money is handled as it should be. If you are a landlord or tenant with a less positive working relationship with your counterpart, contacting an experienced Tampa landlord-tenant attorney from the Seward Law Office may be a good next step. Call our office today to schedule a consultation.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0083/Sections/0083.49.html