Overview
Florida’s security deposit laws are designed to balance the interests of landlords and tenants by regulating how deposits are collected, held, and returned. The rules are outlined in Florida Statutes § 83.49, and apply to most residential rental agreements in the state.
The law provides specific timelines and requirements regarding how deposits must be stored, how and when they must be returned, and what landlords can deduct. Non-compliance can result in financial consequences for landlords.
This guide covers:
How much landlords can charge
Where deposits must be held
Rules for returning deposits and issuing notices
Penalties for mishandling deposits
Related Statute: Florida Statutes § 83.49
1. Security Deposit Limits & Storage Requirements
Maximum deposit: Florida law does not set a specific limit on how much a landlord can charge for a security deposit. It is up to the landlord’s discretion unless otherwise limited by local ordinances or lease agreements.
Storage requirements: Landlords must hold security deposits in one of three ways:
A non-interest-bearing Florida bank account
An interest-bearing Florida bank account, with the tenant receiving 75% of the annual interest or 5% simple interest
A surety bond posted with the county clerk’s office, in the county where the rental property is located
Tenant notification: Within 30 days of receiving the deposit, the landlord must notify the tenant in writing of the manner in which the deposit is being held, the name and address of the bank, and whether interest is being paid.
Law Reference: Florida Statutes § 83.49(1)-(2)
2. Security Deposit Returns & Allowable Deductions
Return deadline: If no claim is made against the deposit, it must be returned within 15 days of lease termination. If the landlord intends to make a claim, they must notify the tenant in writing within 30 days.
Permissible deductions: Landlords may deduct for unpaid rent, physical damage beyond normal wear and tear, or other breaches of the lease agreement.
Tenant response: Tenants have 15 days to object to the landlord’s claim after receiving the notice.
Itemized notice required: Any claim must be sent via certified mail and include an itemized list of deductions.
Law Reference: Florida Statutes § 83.49(3)
3. Interest Payments & Tenant Rights
Interest payments: If the deposit is held in an interest-bearing account, tenants are entitled to either 75% of the earned interest or 5% simple interest annually, depending on the landlord’s chosen method.
Changes in deposit holding: If the landlord changes how or where the deposit is held, they must notify the tenant within 30 days.
Law Reference: Florida Statutes § 83.49(2)
4. Penalties for Mishandling Security Deposits
If a landlord fails to return the deposit or provide proper notice within the required timeframes, they may forfeit the right to keep any portion of the deposit.
Tenants can take legal action to recover wrongfully withheld deposits, and courts may award damages and legal fees.
Law Reference: Florida Statutes § 83.49(3)-(4)
Key Takeaways
Florida does not cap security deposit amounts, but landlords must notify tenants in writing of how the deposit is held.
Deposits must be stored in a Florida bank account or secured via a surety bond.
Deposits must be returned within 15 days (or 30 days with notice of deductions), and any claims must be sent by certified mail.
Interest must be paid to tenants if held in an interest-bearing account.
Landlords who fail to comply with the law may lose the right to deduct from the deposit and could face legal action.
By understanding Florida’s deposit laws, both landlords and tenants can protect themselves and avoid unnecessary disputes.
Disclaimer: This blog post is intended for informational purposes only and does not constitute legal advice. Readers should not act or refrain from acting based on any information included in this post without seeking legal counsel or other professional guidance specific to their situation. The information is provided “as is” without any representations or warranties of any kind, express or implied, including but not limited to the accuracy, completeness, or reliability of the content. Laws and regulations may change and vary by jurisdiction.
