Most tenants expect to pay a security deposit before renting a property. This financial “safety net” can provide the property owner with some collateral in case the renter(s) causes damage that must be fixed, leaves without paying all utility bills (if billed in the tenant’s name), and/or moves out before the end of the lease without paying all of the rent that is due.
In many cases, landlords and real estate investors make the security deposit the same amount as the monthly rent. But this doesn’t always have to be the case. There are, however, some guidelines you need to follow as it pertains to security deposits in Florida.
For instance, while the state of Florida does not mandate a maximum amount that can be charged, you need to be careful so that you don’t scare away good potential renters if the security deposit is too high.
According to Florida law, you are also required to notify your tenant(s) in writing within 30 days of receiving their security deposit, letting them know how the funds are being kept, the name of the bank or financial institution that is holding the funds, and the amount of interest that is being accrued on the money (if applicable).
If you own residential rental property in Orlando and/or the surrounding Central Florida area and you would like to hand over some of the time-consuming landlord-related duties such as collecting rent every month, maintaining the property, responding to emergencies, and even evicting bad tenants, Incentive Property Management can help.
So, give us a call for more information or you can send us an email with any questions that you may have by using our contact form. We look forward to assisting you.
Sources:
Security Deposit Laws in Florida: Everything You Need to Know https://www.managecentralfloridaproperty.com/florida-security-deposit-laws.html