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:
When it comes to Florida's security deposit laws, there is no limit to how much a landlord 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 month's rent, almost like paying advance rent. In certain situations, 2 months may be required.
A high deposit, however, might discourage prospective tenants. As such, it would be recommended for a landlord to ask for a reasonable amount as a security deposit. A landlord must consider the benefits to
Within Florida statutes, there is no statute in terms of nonrefundable fees, but it is habitually allowed and customarily practiced as a landlord.
As a landlord, you have options to safeguard a tenant’s Florida security deposit. Among other places, a landlord can put it in a non-interest bearing account or in an interest-bearing account before you return the security deposit.
Under Florida laws, a landlord must notify the tenant with a written notice when they receive the security deposit. This notice must be given to the tenant 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 with written notice within 30 days.
Certain conditions permit Florida landlords to impose a claim on a part or the entire security deposit. In Jacksonville, Florida, the conventional reasons to impose a claim include:
Under Florida’s landlord-tenant laws, a walk-through inspection is not required. The inspection evaluates the condition of the property. However, if a Florida landlord wishes to do so while the rental unit is occupied, the landlord must notify the tenant.
When it comes to the security deposit, the landlord must return the tenant's security deposit within 15 days after the tenant vacates. This includes the interest earned if applicable.
If it is only a partial refund, the landlord must provide the tenant with a list of deductions, excluding normal wear and tear. The landlord has within 30 days from the lease termination to provide the tenant with written figures. Otherwise, the landlord forfeits their claim to keep a portion of the security deposit.
In case there is a change in property ownership, the landlord 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, Florida landlords 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.