Security Deposits : ezLandlordForms

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R.w. P

started a topic almost 16 years ago

I have received some security deposits from my tenants. Do I have to open up a seperate bank account to place them in?

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Scott H

said over 3 years ago

Security deposit is usually equal to one months rent sometimes two if you are renting to a high risk tenant. I usually like charging a monthly pet fee instead of a deposit I do a$50 fee. If they are there 3 years you get an extra $1800 that you keep. If you do the deposit you give it back to them if there is no damage. With the fee if there is damage you still keep the money from their regular deposit.

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Margarita K

said over 3 years ago

The average is one month's rent, but some will charge up to three month's rent. it depends, most states have a limit to what can be charged, but some states have no maximum. And for a deposit for pets like @Scott H, you can charge a monthly charge. However, while general security deposits are legal in every state, separate pet deposits are only legal in some states. If you are looking for property-related services visit: https://sgpnow.com/