Easily collect and manage deposits for every property with dedicated security deposit accounts.
Security deposit funds are instantly separated, making move-in, move-out, and returns completely clear.
Security deposit funds are instantly separated, making move-in, move-out, and returns completely clear.
Open a security deposit account and use physical & virtual debit cards with custom spend controls and automated transaction tagging with Schedule E categories.
Collect funds for security deposits via ACH, wire or check.
Collect, return, and track deposits by tenant and property, even when funds are held in external accounts.
Collect, return, and track deposits by tenant and property, even when funds are held in external accounts.
Everything you need for every part of the rental process.
Upload or create and e-sign state-specific leases online.
Screen tenants online for free — instantly verify credit, background, evictions, ID, and income.
Open unlimited checking and savings accounts to easily separate funds for all your properties with no monthly maintenance fees.
Everything you need for every part of the rental process.
Upload or create and e-sign state-specific leases online.
Screen tenants online for free — instantly verify credit, background, evictions, ID, and income.
Open unlimited checking and savings accounts to easily separate funds for all your properties with no monthly maintenance fees.
Set up your security deposit {{ state }} account and start collecting.
Sign up and start collecting deposits in {{ state }}.
Baselane accounts cannot hold security deposits in states requiring escrow or state-based accounts, but can be used to collect, track, and securely transfer deposits to compliant external accounts.
In Carolina, there is no limit, as long as you collect the same amount for all of your comparable units.
These are the other states where you can use Baselane: Arizona, California, Illinois, New Jersey, Texas, Virginia, and all major states in the USA.
Tenants can cause much damage to your rental property, so you should aim to collect the largest security deposit the market will bear. One month's rent is typical in most parts of the country, but you may be able to demand more if your rental property is in a particularly hot market.Your state may set a cap on how much you can collect. Many states, including New York, Massachusetts, and Ohio, set the maximum security deposit you can collect at one month's rent. Others, including California, Pennsylvania, and Maryland, limit security deposits to 2 months' rent. There's no limit on security deposits for rentals in Indiana and Florida.
When your new tenant signs the lease, you should collect the security deposit and the first month's rent. Be sure to give your tenant a detailed receipt for their deposit that includes all information required by local law. Consider using Baselane for automated rent collection to get paid faster, simplify your bookkeeping, and ensure you're handling your deposits appropriately.
If local law states a lower maximum security deposit for month-to-month leases, you may be required to refund the excess amount. Otherwise, the lease's initial terms usually apply when switching to month-to-month, and no change to the security deposit is required.
When your new tenant signs the lease, you should collect the security deposit and the first month's rent. Be sure to give your tenant a detailed receipt for their deposit that includes all information required by local law. Consider using Baselane for automated rent collection to get paid faster, simplify your bookkeeping, and ensure you're handling your deposits appropriately.
Make it easy to manage rental security deposit accounts with Baselane's Banking accounts.
