Security Deposit Increase
Whether the landlord can increase the amount of the security deposit after you move in depends on what the lease or rental agreement says, and how much of a security deposit you have paid already.
If you have a lease, the security deposit cannot be increased unless increases are permitted by the terms of the lease.
In a periodic rental agreement (for example, a month-to-month agreement), the landlord can increase the security deposit unless this is prohibited by the agreement. The landlord must give you proper notice before increasing the security deposit. (For example, 30 days’ advance written notice normally is required in a month-to month rental agreement.)
However, if the amount that you have already paid as a security deposit equals two times the current monthly rent (for an unfurnished unit) or three times the current monthly rent (for a furnished unit), then your landlord can’t increase the security deposit, no matter what the rental agreement says. Local rent control ordinances may also limit increases in security deposits.
The landlord must give you proper advance written notice of any increase in the security deposit.The landlord normally cannot require that you pay the security deposit increase in cash.
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Tenants Guide to Security Deposit Increase by Landlords is brought to you by SimplifyEm Pay Rent Online and Property Management Software
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