Are You Following the Rules on Security Deposits for Rental Property in Florida?

As a rental property owner, it typically goes without saying that having a security deposit can at the very least help to pay for damages that are incurred at the hand of your tenants. But, when it comes to collecting a security deposit on your rental unit(s) in Florida, are you following the right protocol?

First, unlike some of the other U.S. states, there is no set limit on the dollar amount that you can collect as a security deposit for your Florida rental property. However, be careful here, because there are many cities and municipalities that do have certain limits in place.

Upon collecting a security deposit from a tenant in Florida, there are also rules in place that require you to provide the tenant with some specific information, including:

  • Where the funds will be held
  • Whether the funds will be held in an interest-bearing account and
  • Confirmation that states that the funds will not be mingled with other money

This information must be provided to the tenant within 30 days of you receiving their security deposit.

For more details on Florida statutes that pertain to landlord and tenant policies, you can visit the Florida State legislature’s website.

Because the duties of being a landlord can take up a great deal of time – and particularly so if you are running your real estate investment(s) from many miles away – it can be beneficial to hire an experienced property manager.

At Benoit Management, we have more than 650 rental units under management in the Naples, Florida, and surrounding area. We’re known for our expertise in working with long-distance landlords. So, if you’d like to know more about how working with Benoit Management can free up your time to focus on other things, just contact us today.