Loading Profile...
Are there any limits on how big can a security deposit can be on an apartment rental?
In rent-controlled San Francisco I assume the law has consideration for this aspect of a rental agreement.
I’m not sure yet
2
people have this question
I have this question, too!
Tell me when someone answers.
The more people who ask this question, the more it gets noticed.
The more people who ask this question, the more it gets noticed.
Create a customer community for your own organization
Plans starting at $19/month
-
Inappropriate?I'm pretty sure (though I haven't verified in a while) that California limits the amount of all deposits collected for rentals to 2 times the monthly rent.
That means your maximum move-in cost for a rental can be no more than 3 times the monthly rent (since you have to pay for the first month).
I believe that means that the following example is illegal:
First month's rent = $1000
Security = $1200
Last month's rent = $1000
====================
Total = $3200
The security deposit is too much if "last month's rent" is also collected.
1 person says
this answers the question
-
Inappropriate?According to California law on section 1950.5. (section C) on http://law.justia.com/california/code... :
(c) A landlord may not demand or receive security, however
denominated, in an amount or value in excess of an amount equal to
two months' rent, in the case of unfurnished residential property,
and an amount equal to three months' rent, in the case of furnished
residential property, in addition to any rent for the first month
paid on or before initial occupancy.
1 person says
this answers the question
