What are the Statutory Requirements for Maintaining a Security Deposit on a Tampa Rental Property?

In Florida, most rental lease agreements require a tenant provide the landlord with a security deposit. In most cases, it amounts to one month of rent, which is meant to cover any damage to the property if the tenant leaves without paying. Here´s what else Florida´s landlord-tenant laws state about maintaining security deposits.

Florida Security Deposit Limits and Deadlines

There are no statutory limits on how much a landlord can charge a tenant for a security deposit. Additionally, the landlord has to return the tenant´s security deposit within 60 days after he or she has moved out of the rental property and surrendered the keys. Landlords in Florida also have to provide tenants with advanced notice if they plan to deduct monies from the security deposit.

Landlords Must Provide Additional Information to Tenants

Within 30 days of receiving a security deposit from a tenant, the landlord must disclose in writing where he or she will hold the funds, the name of the account depository, and the rate and the time of interest payments. Landlords must also include a copy of Florida Statutes § 83.49(3) with the lease. If the landlord earns any interest on the security deposit, he or she must pay it to the tenant. Of course, if the tenant terminates the else wrongfully, he or she has no right to receive the interest.

For more information about the statutory requirements pertaining to security deposits in Florida, see Florida Statutes §§ 83.49 and 83.43 (12).

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