A post by the Department of Numbers citing Census ACS data reveals that in 2019, about 33.99% of Jacksonville households lived in rental properties.
With over one-third of the city's residents living in rental homes, landlords need to know how to handle security deposits correctly. Mishandling these deposits can lead to legal disputes, financial losses, and damage to your reputation.
Therefore, it is essential to clearly understand the legal requirements and follow them carefully. Keep reading to uncover what, as a landlord, you need to know about security deposits in Jacksonville, FL.
Maximum Deposit Amount
Florida law does not limit how much you can charge for a security deposit. Still, most Jacksonville landlords ask for one- or two-months' rent. Asking for too much can scare away good tenants.
A fair amount helps with rental property security and encourages tenants to follow the lease. Always list the deposit amount in the lease clearly.
When tenants know what to expect, they will trust you more. Clear terms will also help prevent problems when it's time to return the deposit.
Where to Hold the Deposit
Landlords in Jacksonville should store security deposits using one of three approved methods. You can store them in:
- A non-interest-bearing Florida bank account
- An interest-bearing account
- Post a surety bond
Avoid mixing these funds with personal or business funds. Following these steps will help you stay compliant and protect both you and your tenant.
One of the best landlord tips for security deposits is to document where you've stored the deposit and let the tenant know within 30 days. Proper storage shows that you are professional and helps avoid legal trouble.
Written Notice for Deductions
If you plan to withhold part of a tenant's deposit, Florida law states you need to send a written notice within 30 days of their move-out. The notice should explain each charge and be sent by certified mail.
Skipping this step means you give up the right to withhold any amount. To avoid confusion, include this process in your rental agreement deposit section. Always back up deductions with:
- Dated photos
- Invoices
- Repair estimates
- Move-in/move-out inspection checklists
- Communication records with the tenant
- Copies of service provider receipts
Managing these deductions and the security deposit process by yourself can feel overwhelming. Fortunately, you don't have to do it alone. PMI River City offers expert help and peace of mind.
We are the leading property management company in Northeast Florida. Our team can assist you under the legal requirements of handling tenant deposits.
Security Deposits: What Jacksonville Landlords Should Remember
Security deposits play a key role in protecting your rental property and keeping your finances in check. Understanding Florida's laws around storage, maximum amount, and notices helps you stay compliant and avoid disputes. Clear lease terms and proper handling reduce stress and support better landlord-tenant relationships.
At PMI River City, we take the pressure off of your shoulders with full-service property management. Led by Oliver Langley, a respected expert in the Jacksonville market, we offer tailored solutions backed by years of experience.
We are proudly rated A+ by the Better Business Bureau. Contact us to learn more today!
