Is There a Maximum Amount You Charge for Sec. Dep.?

Is there a maximum that a landlord can charge for a security deposit?

While some states have set limits on the amount that a landlord can legally charge for a security deposit, there are many others with little to no guidelines. Rentlaw.com has published a useful guideline that compares the various security deposit guidelines set forth by each state:

Security Deposit Guidelines

For example:

New York
Virtually all New York leases require tenants to give their landlords a security deposit. The security deposit in New York is usually one month's rent. The landlord must return the security deposit, less any lawful deduction, to the tenant at the end of the lease or within a reasonable time thereafter. A landlord may use the security deposit: (a) as reimbursement for the reasonable cost of repairs beyond normal wear and tear, if the tenant damages the apartment; or (b) as reimbursement for any unpaid rent.

(More on New York)

Florida
Florida Statute 83, Sec 83.49

* As in all cases, always take a last walk-through with the landlord before you vacate the rental dwelling! Note any damages in writing and reach a final agreement concerning any financial penalties which may occur or that may jeopardize the status of your security deposit return. See our Guide on Normal Wear and Tear.

*Upon the vacating of the premises for termination of the lease, if the landlord does not intend to impose a claim on the security deposit, the landlord shall have 15 days to return the security deposit together with interest if otherwise required, or the landlord shall have 30 days to give the tenant written notice by certified mail to the tenant's last known mailing address of his or her intention to impose a claim on the deposit and the reason for imposing the claim. The tenant is required to give the landlord a valid address at which the tenant can be contacted.

(More on Florida)