Lease agreements ordinarily require paying a security deposit to cover future damages. It is also to protect rental owners when tenants are unable to pay or skip paying their monthly rent.
As a rental owner in Jacksonville , you can experience several benefits from collecting a security deposit from a tenant. Security deposits can:
There is no limit to how much you can collect. Thus, at your discretion, you can choose to collect two or three months of rent. Our policy and recommendation is a deposit equal to 1 months rent, in certain situations 2 months rent maybe required.
A high deposit, however, might discourage prospective tenants. As such, it would be recommended for you to ask for a reasonable amount as a security deposit.
In Florida, there is no statute in terms of nonrefundable fees, but it is habitually allowed and customarily practiced.
You have options to safeguard a tenant’s security deposit. Among other places, you can put it in a non-interest bearing account or in an interest-bearing account.
Under Florida laws, a landlord is required to provide the tenant with a written notice when they receive the security deposit. This must be done within 30 days. The notice must include the following details:
The tenant must be informed of any changes governing the terms of the security deposit or its movement to a new location. A landlord must provide the tenant a written notice within 30 days.
Certain conditions permit the landlords to retain a part or the entire security deposit. In Jacksonville, Florida, the conventional reasons include:
Under Florida’s landlord-tenant laws, a walk-through inspection is not required. The inspection evaluates the condition of the property.
When the tenant vacates, you have 15 days to return the tenant’s security deposit. This includes the interest earned if applicable.
If it is only a partial refund, you must provide the tenant with a list of deductions. You have 30 days from the lease termination to provide the tenant with written figures. Otherwise, you forfeit your claim to keep a portion of the security deposit.
In case there is a change in property ownership, you must send a written notice to the leaseholder.
The tenant’s security deposit will be transferred to the new rental owner. This also includes reassigning the duties and responsibilities of the previous rental owner existing under the present lease contract.
If you have specific questions, hire the services of a qualified Florida attorney. Alternatively, you can seek advice from a professional property management company.
Please note that this blog should not be used as a substitute for legal assistance from a licensed attorney in Florida. Laws often change, and this post might not be updated at the time of your reading. Please contact us for any questions you have in regard to this content or any other aspect of your property management needs.