How much can a landlord charge for a security deposit?
A landlord can collect a security deposit from a tenant to cover the cost of damage and unpaid rent. Every state has different guidelines, but half of the states prohibit a landlord from charging a tenant more than one to two times the rent. Some states also require the landlord to place the security deposit in a bank account and to pay the tenant interest on the deposit after the tenancy ends. After a tenant vacates a rental unit, the landlord must return the unused amount of the security deposit to the tenant within the time specified by state law.
