Key Takeaways
- No Statutory Limit on Amount: Florida law does not set a statewide maximum security deposit, although the lease should state the amount and terms.
- Strict Holding and Notice Rules: A landlord must use a permitted Florida financial institution account or surety bond and give written notice to the tenant about how the funds are held.
- Critical Return Deadlines: A landlord generally has 15 days to return an unclaimed security deposit or 30 days to provide notice of an intention to impose a claim.
Florida landlords must follow specific rules and regulations under Chapter 83, Part II of the Florida Statutes. These provisions govern security deposit and advance rent handling under a residential rental agreement.
A security deposit can cover unpaid rent, property damage beyond normal wear and tear, and other authorized obligations when supported by the lease.
Because storage, notice, claim, and return requirements are time-sensitive, landlords should keep clear records throughout the rental period.
This guide from Keyrenter Miami West reviews the practical requirements for rental property owners in Doral and surrounding areas.
Guide to Florida Security Deposit Law
Maximum Limit Allowed
Florida law does not set a general statewide maximum for a security deposit. The landlord and tenant should record the agreed amount in the lease agreement.
One or two months’ rent is common, but the appropriate amount depends on the home, applicable programs, and the agreement. The parties may also agree to installments.
A landlord may offer an optional fee in lieu of a security deposit under a signed written agreement that satisfies Florida law. The fee is not a security deposit and does not eliminate the tenant’s rental obligations.
Additional Pet Deposit
A rental agreement may require a pet deposit or pet rent, subject to applicable law.
Fair housing rules do not treat assistance animals as pets, so landlords should not impose pet fees or deposits for them.
Written Disclosure Requirement
Unless an exception applies, the landlord shall disclose the security deposit or advance rent in the lease agreement or give the tenant written notice within 30 days after receipt.
The written notice must identify:
- The Florida financial institution or the posting of a surety bond.
- Whether the tenant is entitled to interest.
- When the account is interest-bearing, disclose whether the tenant is entitled to interest.
Security Deposit Holdings
Florida law permits three holding methods for deposit money and qualifying advance rent:
- Non-Interest-Bearing Account: Hold funds in a separate non-interest-bearing account at a Florida financial institution without commingling them with the landlord’s account.
- Interest-Bearing Account: Use a separate interest-bearing account. The tenant interest must equal at least 75 percent of the annualized average interest rate or 5 percent simple interest, whichever the landlord elects.
- Surety Bond: Posting a surety bond with the circuit court is another option. It must be executed with a surety company authorized to do business in Florida. The bond generally covers security deposits and advance rent held, up to $50,000, and requires 5 percent simple interest.
Sale of Rental Property
When a property is sold or the designated rental agent changes, transfer advance rents, security deposits, earned interest, and an accurate tenant account record to the new owner or agent.
A written receipt therefor documents the transfer; the prior holder is then generally released from the holding obligation.
Security Deposit Deductions
A landlord’s claim may cover lease-authorized amounts such as:
- Unpaid rent.
- Property damage beyond normal wear and tear.
- Cleaning beyond ordinary move-out condition when authorized by the rental agreement.
- Other documented losses caused by a lease breach.
Security Deposit Returns
The required process depends on the landlord’s intention to impose a claim. Before deciding to impose a claim, verify the documentation and deadline:
- No claim: Return the security deposit and required interest within 15 days after the rental agreement ends.
- Claim planned: Within 30 days after the rental agreement ends, provide such written notice by certified mail to the tenant’s last known address or by legally permitted e-mail. The landlord’s notice must state his or her intention to impose a claim, the amount of his or her claim, and the reason, using substantially the following form required by statute. If the landlord fails to give timely notice, the landlord’s claim against the deposit is forfeited, although a separate damages action may remain available.
Bottom Line
Florida’s security deposit regulations demand careful documentation of deposit money, advance rent, deductions, and deadlines. Reviewing the current Florida Statutes and the rental agreement before acting can reduce avoidable disputes. Under section 83.49, compliance by an individual or business entity authorized to conduct business in Florida can also satisfy other relevant Florida Statutes pertaining to security deposits.
Keyrenter Miami West supports property owners with organized management and compliance-focused processes in Doral and surrounding areas.
Frequently Asked Questions About Florida Security Deposit Law
These answers address common questions about Florida deposit accounts, notices, claims, transfers, and fee alternatives.
What Accounts Can Hold a Florida Security Deposit?
Florida law permits a separate non-interest-bearing account, a separate interest-bearing account, or posting a surety bond with the circuit court. The financial institution must qualify under Florida law, and deposit money for a dwelling unit generally cannot be commingled with the landlord’s own funds.
For an interest-bearing deposit account, the required tenant interest applies. A landlord may disburse advance rents when the advance rental period commences, while advance rent held for later periods should remain separately accounted for.
What Notice Must a Florida Landlord Provide?
The landlord shall disclose the security deposit or advance rent in the lease agreement or give the tenant written notice within 30 days after receipt, unless a statutory exception applies. Under the Florida Statutes, such notice identifies the depository or posting a surety bond, states whether the tenant will collect interest, and includes the required disclosure.
A change in holding method or location can require new or additional notice. The law does not require additional notice solely because a depository merges, changes its name, or transfers ownership.
When Must a Florida Security Deposit Be Returned?
If the landlord does not intend to impose a claim, the tenant’s security deposit and required interest must be returned within 15 days after termination. If the landlord intends to impose a claim, written notice must be sent within 30 days by certified mail or permitted e-mail.
The notice states the landlord’s intent, the amount of his or her claim, and the reason. If the landlord fails to comply, the deposit claim may be forfeited. If the tenant objects, a court may award his or her court costs plus a reasonable fee for his or her attorney.
What Happens to Deposits When a Property Is Sold?
When ownership of a property or the designated rental agent changes, the security deposits held pursuant to each rental agreement must be transferred with any advance rent, earned interest, and an accurate accounting for each tenant account.
A written receipt documents the transfer. Florida law also treats renewal of an existing rental agreement as a new rental agreement, and a security deposit carried forward as a new security deposit, which can affect the applicable notice and recordkeeping steps.
Can a Landlord Offer a Fee Instead of a Security Deposit?
Florida law allows a landlord to offer a fee in lieu of a security deposit for a dwelling unit, but the landlord is not required to offer it. Both the landlord and tenant must sign a written agreement containing required disclosures.
The fee does not excuse unpaid rent, damage beyond normal wear and tear, or other obligations. The tenant can end the fee arrangement and pay the security deposit according to the statutory process and terms stated in the agreement.
Legal Disclaimer: Please note that the information provided in this blog is intended for general guidance and should not be considered as a replacement for professional legal advice. It is important to be aware that laws pertaining to property management may change, rendering this information outdated by the time you read it.