Past student Agent A calls me the other day and asked me about any new changes about renters security deposits. A tenant can pay no more than month and half security. So if the rent is $1000.00 per month no more than $1500.00 (it can be less) to be deposited in a tenant security account within 30 days. Each year the tenant gets the interest and if monies are moved the landlord must tell the tenant where securities are located. Remember if the landlord doesn’t do this the tenant can give notice to use the entire security account plus 7% interest per year to pay for future rents. If the tenant has any damage the landlord cannot use use security for repairs, rent due or anything while the tenant lives there. As rents increase so can the security with a 10% cap. When it comes to pets check with landlord’s leasing agreement since they all differ. More importantly is check with insurance companies before allowing any and all pets. Some are on the dangerous list that void homeowners and tenants insurance. Gold fish don’t bite but a leaking fish tank could cause damage as a leaking waterbed. Always remember service animals are trained to do a specific task and are not considered pets. Major big news story is as of July 22, 2022 lead based paint inspections and re-inspections on rentals built prior to 1978. Short term rentals are exempt. So you better read up on this or “Zoom” in on free seminars.
Did you know this about rentals?
