• calendar_month June 29, 2024
• folder RE News

Not sure if you have been keeping up with all the changes in tenant laws that will take effect on July 1, 2024. As a real estate professional at JohnHart Real Estate, we must stay informed about recent security deposit regulations and tenant rights changes. This knowledge helps us to provide accurate guidance to our clients and ensures that we represent both landlords and tenants properly.  

Here are some of the key changes to Security Deposits (Effective July 1, 2024)

• New Limit on Security Deposits: Landlords are limited to charging a maximum of one month's rent as a security deposit.
• Exceptions for Small Landlords: Small landlords, defined as those who own no more than two residential properties with a total of up to our units, can still charge up to two months' rent as a security deposit, but not for service members (the maximum-security remains at one month's rent). 
• Furnished Properties: The distinction between furnished and unfurnished properties regarding security deposit limits is no longer applicable. Both are treated to the same one-month rent limit.
• Handling Existing Security Deposits: Security deposits collected before July 1, 2024, remain unchanged. These deposits do not need to be adjusted to meet the new limits retroactively.
• Pet Deposits: Pet deposits must be included within the security deposit limit. Even if categorized as an "additional deposit." It must not exceed the new limit of one month's rent or the applicable limit for small landlords.

Staying updated on changes in security deposit regulations is essential for ensuring landlords and tenants are represented accurately and effectively.