A security deposit cannot be more than one months rent. The amount is based on the rent charged at the start of tenancy. If the landlord increases rent, they cannot increase the deposit amount.
A security deposit plus any refundable fees (e.g., a refundable key fee), must total one months rent or less. Non-refundable, one-time fees do not form part of the security deposit. The security deposit plus any non-refundable fee can be more than one months rent.
It is important to read the lease carefully, or understand any oral agreement you have. That way, you can determine what forms part of the security deposit and what does not.
December 2023
