Thousands of tech forward landlords hold security deposits in a free Baselane banking account.
Limit: In Georgia, there is no statutory limit on the amount a landlord may charge for a tenant security deposit. Most landlords typically collect an amount equal to one month’s rent, though the tenant deposit can vary depending on factors like credit, rental history, or pets. The amount must be clearly stated in the lease agreement, and holding the funds in a security deposit bank account in Georgia helps ensure proper documentation and compliance with state law.
Return Deadline: The landlord must return the tenant security deposit, along with an itemized list of deductions, within one month (30 days) after the tenant vacates the property and returns possession. Failure to return the tenant deposit or provide the statement within this period may make the landlord liable for up to three times the amount wrongfully withheld, plus court costs and attorney fees.
Acceptable Deductions: The tenant security deposit may be used to cover unpaid rent, late fees, damages beyond normal wear and tear, unpaid utilities, cleaning fees, or costs necessary to restore the property to its original condition. An itemized list of deductions and corresponding receipts must be provided to the tenant when returning the remaining balance.
Where to Deposit: Georgia law requires landlords who own more than 10 rental units—or who use a property management company—to hold all tenant deposits in a separate escrow account at a bank or savings institution located within the state. The landlord must provide the tenant with written notice of the bank’s name and address where the funds are held. Smaller landlords with 10 or fewer rental units may hold the deposit personally but must still comply with all return and record-keeping laws. While there is no mandated security deposit interest rate, maintaining a security deposit escrow account in Georgia or a landlord tenant security deposit bank account in Georgia helps protect tenant funds and ensures compliance with state regulations.
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.
Georgia law does not set a maximum limit on security deposits. Landlords typically collect one to two months’ rent depending on risk factors. The deposit must be returned within 30 days after the tenant moves out, along with an itemized list of any lawful deductions for damages or unpaid rent.
Baselane Security Deposit Accounts are available to landlords in most U.S. states, including Georgia. Baselane partners with FDIC-insured banks to hold tenant deposits in separate, compliant accounts that meet Georgia’s escrow and disclosure requirements for landlords who own multiple rental units.
The landlord determines the amount of the security deposit based on Georgia law and rental terms. Baselane provides a compliant, segregated banking structure for holding tenant funds securely and generating the required documentation, helping landlords meet state escrow account obligations.
Baselane Security Deposit Accounts are FDIC-insured and protected by bank-grade encryption. Each tenant’s deposit is stored in a separate, secure account, ensuring transparency and compliance with Georgia’s escrow and record-keeping standards.
No new security deposit agreement is needed in Georgia if the tenant continues under the same rental terms. The original deposit remains valid, and landlords must still follow the same rules regarding storage, documentation, and timely return of the deposit when the tenancy ends.
Landlords in Georgia may collect the security deposit at the start of the tenancy, usually when the lease is signed or before the tenant moves in. If the landlord owns more than 10 rental units or uses a management company, the deposit must be placed in a Georgia-based escrow account, and the tenant must be provided with written notice of the bank name and location.
Make it easy to manage rental security deposit accounts with Baselane's Banking accounts.
