Full question:
Is there a limit as to as to a deposit in Florida? i was under the impression that it was "First & Last" months rent or"First & Security". Not all three(First, Last & Security)
- Category: Landlord Tenant
- Subcategory: Security Deposit
- Date:
- State: Florida
Answer:
In Florida, the law regarding security deposits is outlined in Fla. Stat. § 83.49. Generally, a landlord can require a security deposit, which may include advance rent. However, there are specific rules about how much can be charged:
- A landlord can ask for the first month’s rent and either the last month’s rent or a security deposit, but not all three.
- The total amount of security deposits and advance rent must be held in a separate account, either non-interest-bearing or interest-bearing, for the tenant's benefit.
- If the landlord chooses to hold the deposit in an interest-bearing account, the tenant must receive at least seventy-five percent of the interest earned or a minimum of five percent per year.
Additionally, landlords must inform tenants within thirty days of how their deposits are held and any interest rates applicable. If a landlord fails to comply with these regulations, they may lose the right to impose claims on the deposit.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.