Updated:
November 7, 2026
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Guide to collecting and managing security deposits

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When tenants move in, they pay a security deposit that's held by a landlord until the lease ends. An escrow management system ensures these funds are securely stored and properly handled. The deposit covers any damages beyond normal wear and tear, unpaid rent, or other obligations not met by the tenant.

This guide will teach you when to collect a security deposit, how much it should be, and how to manage security deposit funds.

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Why is collecting security deposits important?

Security deposits put in a no-fee checking account shield your rental income and property condition. They ensure tenants take responsibility for their living space and provide a financial buffer for landlords.

Here are the key reasons why security deposits or move-in fees are essential in rental agreements:

  • Motivates tenants to maintain the property's condition.
  • Helps cover cleaning costs after tenants move out.
  • Secures funds for repairs from property damage.
  • Pays for outstanding utility bills and unpaid rent. If you need help managing these bills, consider getting a utility management software.
  • Provides protection for early lease terminations.

For added benefit, you can explore how to get a high-yield savings account to grow security deposit funds while keeping them securely separated.

Steps to collect security deposits and first month rent

The best way to collect security deposits is through a reliable, secure online platform like Baselane, which specializes in rental transactions. As a landlord, you benefit from fast, hassle-free transfers directly into your bank account. When comparing a business bank account vs personal bank account, platforms like Baselane make it easy to manage funds professionally and stay compliant.

Here's how to collect a security deposit online for rental properties through Baselane:

Step 1: Open a free account

First, sign up for a free account with Baselane. It gives you access to special banking features designed for landlords. It's an easy way to start managing your rental finances, with no monthly account maintenance fees for Baselane Banking, and helps you avoid bank fees.

Step 2: Set up a virtual account for deposits

Next, create a 'virtual account' in Baselane. Think of this as a special online piggy bank for rent security deposits. It keeps this money separate from other funds, making tracking easier, similar in concept to putting rent in escrow to ensure funds are properly managed and compliant with local laws.

Step 3: Collect deposits online

Now, you're ready to collect security deposits. With Baselane, tenants can pay their deposits and monthly rent online. They can use bank transfers, deposit checks, or wire transfers. Payments are deposited into your Baselane virtual account or linked business bank account for landlords.

Additional benefits of using Baselane

  • Baselane is a banking and bookkeeping platform for multi-property real estate investors and operators that combines banking, rent collection, and accounting in one place.
  • Collect and return Airbnb security deposits online.
  • Earn competitive APY² on eligible security deposit accounts, subject to applicable state laws governing tenant interest.
  • Online rent collection via debit or credit cards, with no charge to landlords and a 3.49% processing fee for tenants.
  • Keep track of your money with cash flow analytics and reports.
  • User-friendly interface and customer support.
  • Physical and virtual Baselane cards with automatic transaction tagging for Schedule E categories.

Security deposit tips for landlords and rental property owners

Handling security deposits wisely is key to a successful rental business. It's about finding the right balance between protecting your property and maintaining a positive tenant relationship. Whether you use a traditional deposit or a security deposit alternative, here are some tips to help you manage deposits effectively.

Tip #1: Collect security deposits before tenants move-in

Many landlords need clarification about when to collect security deposits for their properties.

It's best to collect the full security deposit and first month's rent before your prospective tenants move in. This guarantees you will have the funds available in case of damages or unpaid rent. Treat it as a non-negotiable part of your lease term.

It's a good idea to record a move-in video for new tenants. This way, you have a clear record of what your property looked like at the start.

Tip #2: Collect security deposits online

Collecting security deposits and rent online simplifies the payment process. Use a banking and bookkeeping platform like Baselane to handle transactions safely and efficiently.

Benefits of collecting security deposits and rental payments online include:

  • Multiple payment options like debit cards, credit cards, and ACH payments.
  • Clear digital records of all transactions.
  • Security and privacy of financial information.
  • Automated reminders to help tenants pay rent and security deposits on time.
  • Automatically handles prorated rent, late fees, or other charges.

Tip #3: Always return security deposits on time

As a landlord, it's crucial to promptly return security deposits to tenants after they move out. Most states require this to be done within 14 to 30 days. Be sure to include a tenant deposit return letter that outlines any deductions and complies with local regulations.

Tip #4: Use deposits after tenants move out

Sometimes, tenants might ask to use part of their deposit for rent, small repairs, or to cover unpaid bills when they are short on cash.

As a landlord or property manager, you shouldn't agree to this. A security deposit is generally meant to cover unpaid rent, damage repairs, or other lawful charges. Follow your state's rules and lease terms before applying deposit funds.

If you need to use the deposit to repair damages beyond normal wear and tear, give your tenants a list of what you're fixing, with the costs. The contractors or property management company can provide the list of damages.

Tip #5: Charge the maximum rental security deposit amount

If you start with a low rental security deposit, asking for more money later can be challenging. If you don't ask for enough, you might not have the cash you need to fix damages or cover losses when a tenant doesn't pay rent.

Also, tenants who don't pay a reasonable security deposit amount might not take as good care of your place.

But how much is a security deposit exactly? To calculate the security deposit amount, you must be aware of the rules in your state. For example:

  • In Massachusetts, the limit is one month's rent.
  • In New Jersey, the limit is 1.5 times the monthly rent.
  • Nevada allows up to three months' rent for a security deposit.
  • States like Florida and Texas have no maximum amount.

Security deposit tips for smart landlords

Collecting security deposits and keeping them safe in an escrow bank account is a vital part of a landlord's job. The security deposit helps to ensure good tenant behavior. Also, if there are issues with lease violations or property damage, landlords know they can cover their costs, while also complying with any state laws that require tracking and paying the applicable security deposit interest rate.

There are many ways to collect security deposits. Many landlords see the benefits of using online apps to simplify collecting security deposits and rent payments.

State Requirements of Interest-Bearing Accounts for Security Deposits
Alabama Not required
Alaska Not required. If placed in a trust account, advisable. (AS 34.03.070(c)).
Arizona Not required
Arkansas Not required
California Not required
Colorado Not required
Connecticut Connecticut law requires landlords to deposit security deposits into escrow accounts for tenants. Landlords must pay interest at least equal to the average commercial bank savings deposit rate, annually or as a credit toward the next month's rent. Connecticut General Statutes Section 47a-21.
Delaware Security deposits must be placed in an escrow bank account in a federally insured banking institution in the United States. Landlords must disclose the account location (25 Delaware Code § 5514(b)).
District of Columbia Security deposits must be placed in interest-bearing escrow accounts in D.C. and be federally or state insured. Landlords must disclose where deposits are held and provide applicable interest rate information (DC Municipal Regulations Chapter 14 §§ 308.3 and 308.7).
Florida Interest-bearing accounts are allowed but not required. Commingling of funds is prohibited. Landlords must disclose the depository location, interest-bearing status, and interest rate, if any. The bank must have a physical location in Florida (Fla. Stat. Ann. § 83.49).
Georgia Owners with more than 10 rental units or third-party property management must keep security deposits in a dedicated escrow account and disclose its location to tenants (O.C.G.A. §§ 44-7-30, 44-7-31, and 44-7-36).
Hawaii Not required
Idaho Interest-bearing accounts are advisable but not required. The lease should include the security deposit amount, financial institution name, and an explanation of how the deposit will be used at the end of the tenancy.
Illinois Landlords with 25 units or more must keep security deposits in interest-bearing accounts. Interest must be paid to tenants at the applicable statutory rate (765 ILCS 715/1-2).
Indiana Not required
Iowa Interest-bearing accounts are not required. If the account is interest-bearing, interest earned during the first five years goes to the landlord and thereafter to the tenant. Security deposits may not be commingled with personal funds (Iowa Code 562A.12(2)).
Kansas Not required
Kentucky Security deposits must be placed in a bank or lending institution subject to Kentucky or U.S. regulation. Prospective tenants must be informed of the separate account's location and account number. Commingling is prohibited (Ky. Rev. Stat. Ann. 383.580(1) and (3)).
Louisiana Not required
Maine Interest-bearing accounts are not required. However, security deposits must be held in a financial institution to protect them from the landlord's creditors and may not be commingled with other funds (14 MRS 6038(1)).
Maryland Security deposits must be held in Maryland financial institutions in an account devoted exclusively to security deposits and bearing interest. Alternatively, deposits may be held in qualifying insured certificates of deposit or securities (Md. Code Ann. 8-203(d)).
Massachusetts Security deposits must be held in a separate, interest-bearing account in a Massachusetts bank. Landlords must provide a receipt and pay accrued interest to tenants annually or upon termination, as applicable (Mass. Gen. Laws Ann. Ch. 186, § 15B).
Michigan No interest is required, but the security deposit must be held in a regulated financial institution beyond the claim of the landlord's creditors for the tenant's benefit (Mich. Comp. Laws 554.604 and 605).
Minnesota Security deposits must be held on behalf of tenants and bear simple, non-compound interest at a rate of 1% per annum. Interest amounts less than $1 are excluded from payment (Minn. Stat. 504B.178(2)).
Mississippi Not required
Missouri Security deposits must be placed in a federally insured financial institution. Interest earned belongs to landlords. Commingling of funds is prohibited (Mo. Rev. Stat. 535.300(2)).
Montana Not required
Nebraska Not required
Nevada Not required
New Hampshire Landlords holding a security deposit for one year or longer must pay interest at the rate paid on regular savings accounts in New Hampshire financial institutions. Commingling deposits with personal funds is prohibited (RSA 540-A:6).
New Jersey Landlords must deposit security deposits in qualifying interest-bearing accounts or money market funds, depending on the number of rental units. All landlords must pay tenants the interest earned annually or credit it toward rent (NJSA 46:8-19(a)(1)).
New Mexico If the security deposit is greater than one month's rent, the landlord must pay interest annually equal to passbook interest (N.M. Stat. Ann. 47-8-18(A)(1)).
New York If the bank account is interest-bearing, the tenant is entitled to the interest earned, less an administrative allowance equivalent to 1% of the deposit per year that the landlord may retain. Buildings with six or more units must use interest-bearing accounts (NY General Obligations Law 7-103).
North Carolina No interest is required, but landlords must deposit funds into a trust account with a licensed and federally insured depository institution doing business in North Carolina or furnish a qualifying bond (NC Gen. Stat. 42-50).
North Dakota Security deposits must be placed in a federally insured interest-bearing savings or checking account. Interest belongs to tenants and must be paid upon lease termination, subject to statutory exceptions (ND Century Code 47-16-07.1).
Ohio The portion of a security deposit exceeding $50 or one month's rent, whichever is greater, must bear interest at 5% per year if the tenant remains in possession for at least six months (Ohio Rev. Code Ann. 5321.16(A)).
Oklahoma Interest-bearing accounts are not required. However, security deposits must be kept in an escrow account on behalf of the tenant in Oklahoma with a federally insured institution (41 OK Stat. 115(A)).
Oregon Not required
Pennsylvania Security deposits over $100 must be deposited in a qualifying escrow account. Interest-bearing escrow requirements generally apply after the second anniversary of the deposit, subject to statutory exceptions (68 P.S. § 250.511b).
Rhode Island Not required
South Carolina Not required
South Dakota Not required
Tennessee Interest-bearing accounts are not required. Security deposits must be deposited in a state- or federally regulated financial institution. Commingling with personal funds is prohibited (Tenn. Code 66-28-301).
Texas Not required
Utah Not required
Vermont Not required
Virginia Not required
Washington Security deposits must be deposited in a trust account maintained for tenants in a qualifying financial institution or with a licensed escrow agent in Washington. Unless otherwise agreed in writing, the landlord is entitled to receive any interest paid. Commingling is prohibited (RCW 59.18.270).
West Virginia Not required
Wisconsin Not required
Wyoming Not required. The security deposit refund should be returned "without interest" (Wyo. Stat. 1-21-1208(a)).

Security deposit rules in my states

Each state has slightly different rules for security deposits. At a minimum, most states specify a limit to how much you can collect (usually expressed relative to the monthly rent), a deadline to return an outgoing tenant's deposit, and how a tenant's security deposit receipt may be used. Some states also address questions like do escrow accounts earn interest and require that interest be paid to tenants.

State How much can I collect? When do I have to return it? What can I use the security deposit for?
Alabama 1 month's rent, plus a reasonable amount for pets, tenant alterations, or anything that would increase your liability 60 days Unpaid rent, and damage beyond normal wear and tear
Alaska 2 months' rent if the rent is $2,000 per month or less, no limit if the rent is over $2,000 per month 14 days after the end of the lease, or 30 days if you're taking deductions or the tenant doesn't give proper notice Unpaid rent, and damage beyond normal wear and tear
Arizona 1.5 months' rent 14 business days following the tenant's request Unpaid rent, and damage beyond normal wear and tear
Arkansas A "reasonable" amount, to a maximum of 2 months' rent. No maximum applies if you have six or fewer properties and self-manage your rental 60 days Unpaid rent (including late fees), cost of cleaning, and damage beyond normal wear and tear
California 1 month's rent (effective July 1, 2024, per Assembly Bill 12). Small landlords who are natural persons owning no more than 2 residential properties with 4 or fewer units total may charge up to 2 months' rent. 21 days Unpaid rent (including late fees), cost of cleaning, and damage beyond normal wear and tear
Colorado 2 months' rent 60 days if specified in the lease, 30 days if not specified in the lease Unpaid rent (including late fees), unpaid utility bills, cost of cleaning, and damage beyond normal wear and tear
Connecticut 2 months' rent, or 1 month's rent if your tenant is age 62 or older The latter of 30 days, or 15 days after receiving the tenant's forwarding address Unpaid rent (including late fees), unpaid utility bills, cost of cleaning, and damage beyond normal wear and tear
Delaware 1 month's rent, or unlimited if the rental is month-to-month or furnished. Tenants may choose to offer a surety bond instead of a deposit 20 days Unpaid rent (including late fees), the cost of re-renting the unit if the tenant breaks the lease, and damages beyond normal wear and tear
District of Columbia 1 month's rent 45 days All costs related to violations of the lease. Reasons for deductions must be stated in the lease or deposit receipt
Florida No legal limit applies 15 days, or 30 days if you're taking deductions Unpaid rent, and damage beyond normal wear and tear
Georgia 2 months' rent for residential leases entered into or renewed on or after July 1, 2024 1 month Unpaid rent (including late fees), unpaid utility bills, cost of cleaning, and damage beyond normal wear and tear
Hawaii 1 month's rent 14 days Unpaid rent (including late fees), unpaid utility bills, cost of cleaning, cost of replacing non-returned keys, and damage beyond normal wear and tear
Idaho No legal limit applies 21 days, or 30 days if specified in the lease Unpaid rent, and damage beyond normal wear and tear
Illinois No legal limit applies 45 days, or 30 days if you're taking deductions Unpaid rent (including late fees), unpaid utility bills, cost of cleaning, and damage beyond normal wear and tear
Indiana No legal limit applies 45 days Unpaid rent (including late fees), unpaid utility bills, damage beyond normal wear and tear, and last month's rent if stated in the lease
Iowa 2 months' rent 30 days Unpaid rent, cost of evicting the tenant, and damage beyond normal wear and tear
Kansas 1 month's rent, plus 1/2 month's rent if furnished, and an additional 1/2 month's rent for pets 30 days Unpaid rent, and damage beyond normal wear and tear
Kentucky No legal limit applies Follow statutory move-out inspection, deposit accounting, and tenant notification procedures; specific rules apply to unclaimed deposits Unpaid rent, and damage beyond normal wear and tear
Louisiana No legal limit applies 1 month Unpaid rent, and damage beyond normal wear and tear
Maine 2 month's rent 21 days, or 30 days if there is a written/signed rental agreement Unpaid rent, and damage beyond normal wear and tear
Maryland 1 month's rent, or up to 2 months' rent under specific statutory exceptions 45 days Unpaid rent, and damage beyond normal wear and tear
Massachusetts 1 month's rent 30 days Unpaid rent, unpaid water bills, unpaid real estate taxes for which the tenant is responsible, and damage beyond normal wear and tear
Michigan 1.5 months' rent 30 days Unpaid rent, unpaid utility bills, and damage beyond normal wear and tear
Minnesota No legal limit applies 3 weeks after receiving tenant's forwarding address Unpaid rent, and damage beyond normal wear and tear
Mississippi No legal limit applies 45 days Unpaid rent, cost of cleaning, and damage beyond normal wear and tear
Missouri 2 months' rent 30 days Unpaid rent, and damage beyond normal wear and tear
Montana No legal limit applies 10 days, or 30 days if you're taking deductions Unpaid rent (including late fees), unpaid utility bills, and damage beyond normal wear and tear including the landlord's labor
Nebraska 1 month's rent, plus ¼ month's rent for pets 14 days Unpaid rent, unpaid utility bills, and damage beyond normal wear and tear
Nevada 3 months' rent 30 days Unpaid rent, cost of cleaning, and damage beyond normal wear and tear
New Hampshire 1 month's rent, subject to statutory exceptions 30 days after termination of the tenancy Unpaid rent, unpaid real estate taxes for which the tenant is responsible, and damage beyond normal wear and tear
New Jersey 1 1/2 months' rent, may be increased with rent to a maximum of 10% per year 30 days Unpaid rent, and damage beyond normal wear and tear
New Mexico 1 month's rent, or unlimited if the landlord pays interest 30 days Unpaid rent, unpaid utility bills, and damage beyond normal wear and tear
New York 1 month's rent, except where rent control laws specify otherwise 14 days Unpaid rent, and damage beyond normal wear and tear
North Carolina Up to 2 months' rent for leases longer than month-to-month, with lower limits for shorter tenancies, plus a reasonable pet fee 30 days, or up to 60 days for final accounting when deductions cannot be determined within 30 days Unpaid rent, unpaid utility bills, cost of evicting the tenant, and damage beyond normal wear and tear
North Dakota 1 month's rent, plus an additional 2 month's rent to a maximum of $2,500 for pets, plus 2 month's rent for felony convictions 30 days Unpaid rent, cost of cleaning, and damage beyond normal wear and tear
Ohio No statewide maximum; deposits exceeding $50 or one month's rent, whichever is greater, are subject to interest requirements 30 days Unpaid rent, and damage beyond normal wear and tear
Oklahoma No legal limit applies 45 days Unpaid rent, and damage beyond normal wear and tear
Oregon No legal limit applies 31 days Unpaid rent, and damage beyond normal wear and tear
Pennsylvania 2 months' rent, reducing to 1 month's rent on renewal (landlord must return excess amount) 30 days Unpaid rent, and damage beyond normal wear and tear
Rhode Island 1 month's rent 20 days Unpaid rent, and damage beyond normal wear and tear
South Carolina No limits, as long as you collect the same amount for all of your comparable units 30 days Unpaid rent, and damage beyond normal wear and tear
South Dakota 1 month's rent, plus a reasonable amount for additional risks to the property, e.g., pets 2 weeks Unpaid rent, and damage beyond normal wear and tear
Tennessee No legal limit applies 30 days Unpaid rent, and damage beyond normal wear and tear
Texas No legal limit applies 30 days Unpaid rent, tenant's failure to give proper notice before moving out, and damage beyond normal wear and tear
Utah No legal limit applies 30 days Unpaid rent, cost of cleaning, and damage beyond normal wear and tear
Vermont No legal limit applies 14 days Unpaid rent, unpaid utility bills, cost of removing abandoned property, and damage beyond normal wear and tear
Virginia 2 months' rent 45 days Unpaid rent, unpaid utility bills, and damage beyond normal wear and tear
Washington No legal limit applies 30 days, including an itemized statement and required documentation for deductions Unpaid rent, and damage beyond normal wear and tear
West Virginia No legal limit applies The lesser of 60 days or 45 days after a new tenant moves in, plus 15 days if damage exceeds deposit amount and professional work is required Unpaid rent, unpaid utility bills, cost of removing abandoned property, and damage beyond normal wear and tear
Wisconsin No legal limit applies 21 days Unpaid rent, unpaid utility bills, and damage beyond normal wear and tear
Wyoming No legal limit applies The earlier of 30 days or 15 days after receiving the tenant's forwarding address if applied to unpaid rent, plus 30 days if applied to damage Unpaid rent, cost of cleaning, and damage beyond normal wear and tear

Bottom line

A security deposit is your safety net when there's damage or unpaid rent. To protect yourself, always check how much security deposit can a landlord charge in your state, collect the maximum allowed, clearly state its terms in the lease, follow deposit laws, and promptly return any unused portion when your tenant moves out.

Ready to simplify security deposit management? Consider Baselane's high-yield online savings accounts for hassle-free solutions. Get started for free!

FAQs

Do I Need to Include the Security Deposit Terms in the Lease?

Yes, you should always include the security deposit terms in your lease agreement. This part of the lease should clearly state the deposit amount, when it's due, if it earns interest, and when it will be returned. In some places, like the District of Columbia, you must also specify how you can use the deposit.

How Much Money Should I Collect as a Security Deposit?

Usually, one month's rent is standard, but in high-demand areas, you might be able to ask for more. The ideal security deposit amount depends on your rental's location and state laws.

For example, New York, Massachusetts, and Ohio cap the security deposit at one month's rent, while California, Pennsylvania, and Maryland allow up to two months' rent. States like Indiana and Florida have no set limit.

What Is an Escrow Account, and When Do I Need One?

An escrow account is where a third party holds your tenant's security deposit. In this setup, a bank or company keeps the deposit safe, and you and the tenant can only use it once it's time to pay out according to the lease.

In some states like Connecticut, Delaware, Georgia, Oklahoma, and the District of Columbia, an escrow account is required for security deposits. Other states might have different rules, like needing a surety bond.

How Do I Return My Tenant’s Security Deposit?

You should typically return your tenant's security deposit in 14 days to two months, depending on your state's laws.

Here's how to do it:

  • Do a final inspection to assess any damage and estimate repair costs.
  • Provide your tenant with an itemized list of deductions, as required by most states.
  • Keep clear documentation of deductions and reasons for them.
  • Return the remaining deposit to your tenant using one of these methods:
    • Check or bank transfer
    • Certified check or cashier's check
    • Escrow payout (if applicable)
    • Use instead of rent payment (if intended for last month's rent)
What Can I Do If My Tenant’s Security Deposit Isn’t Enough to Cover My Costs?

If your entire security deposit doesn't cover your costs, you may need to take legal action. Your tenant is responsible for the full cost of unpaid rent and damages, even if their deposit isn't enough.

You can file a claim in small claims court to seek compensation beyond the deposit. This involves submitting an application, paying a fee, attending hearings, and providing evidence of the damage and responsibility. However, pursuing legal action can be time-consuming and may not be worth it for smaller claims.

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Baselane is a financial technology company and is not an FDIC-insured bank. Banking services provided by Thread Bank, Member FDIC. FDIC deposit insurance covers the failure of an insured bank. FDIC insurance is available for funds on deposit through Thread Bank, Member FDIC. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. The Baselane Visa debit card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa cards are accepted.

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