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How much security deposit can a property owner collect when a tenant moves in?

April 26, 2017collect deposit moves owner Property security tenant

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How much security deposit can a property owner collect when a tenant moves in?

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California law allows an owner to collect up to two months’ rent for an unfurnished unit or three months’ rent for a furnished unit. This deposit may be collected in addition to first month’s rent. Santa Monica Rent Control regulations do not permit an owner to increase the amount of the security deposit during a tenancy. As of June 13, 2002, the Board suspended its regulations requiring owners to pay interest on security deposits. No interest payments on security deposits are required at this time. For additional information on security deposits and refunds please review the Security Deposits information sheet.