FAQs

What is a security deposit?

A security deposit is any payment, fee, deposit, or charge other than the first month’s rent that a tenant pays when he/she moves in. Deposits such as cleaning fees, key deposits, pet deposits, and “last month’s rent” are all security deposits. A security deposit cannot exceed 2 months rent for an unfurnished unit or 3 months rent for a furnished unit. It is illegal for any security deposit to be called “non-refundable.” A landlord may increase a security deposit only by giving a written 30 day notice to the tenant in advance. An increase in the security deposit may not be allowed by the terms of a lease, or by law (if the owner has already collected the maximum allowed by law).