Security Deposit Account for Landlords in {{ state }}

Thousands of tech forward landlords hold security deposits in a free Baselane banking account.

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Multiple accounts per property

No account fees or minimum balances

Earn up to [v="apyvalue"] APY² interest

Benefits of security deposit accounts in {{ state }}

Landlords

Provides financial protection for landlords in the event of property damage caused by tenants
Allows landlords to recoup losses from unpaid rent or other costs associated with the lease agreement
Covers the cost of any repairs that need to be done on the property after a tenant leaves
Gives landlords peace of mind that there will be a financial cushion if anything goes wrong during the tenancy period

Tenants

Provides financial protection for landlords in the event of property damage caused by tenants
Allows landlords to recoup losses from unpaid rent or other costs associated with the lease agreement
Covers the cost of any repairs that need to be done on the property after a tenant leaves
Gives landlords peace of mind that there will be a financial cushion if anything goes wrong during the tenancy period

Security deposit rules in {{ state }}

Limit: 1.5 months' rent; may be increased with rent to a maximum of 10% per year
Return Deadline: The security deposit must be returned within 30 business days after the lease term ends
Acceptable Deductions: Unpaid rent, and damage beyond normal wear and tear
Where to Deposit: Landlords with 10 or more units must invest the deposit in insured money market funds or in another account paying quarterly interest at a rate comparable to the money market fund (NJSA 46:8-19(a)(1)). Landlords with fewer than 10 units shall deposit such money in a State or federally chartered bank, savings bank, or savings and loan association in this State insured by an agency of the federal government in an account bearing interest at the rate currently paid by such institutions and associations on time or savings deposits.(NJSA 46:8-19(a)(1)). All landlords must pay the tenant interest earned annually or credit it toward rent due.

Why choose Baselane

Manage security deposits and more

All-in-one platform with banking, rent collection, accounting and more
Eligible to hold security deposits*
Free rent collection that’s landlord and renter friendly
Earn up to [v="apyvalue"] APY²
Comprehensive cash flow analytics and reporting
Modern user interface and experience
Excellent customer support

Take control of your spend

Open a security deposit account and use physical & virtual debit cards with custom spend controls and automated transaction tagging with Schedule E categories.

Easily collect and return security deposits

Collect funds for security deposits via ACH, wire or check.

Easy to get started

Open a security deposit account for free

Create a virtual account
(aka - security deposit account)

Collect security deposits into virtual account

Frequently Asked Questions

How much is a security deposit in {{ state }}?

Landlords are allowed to charge a maximum of 1.5 months' rent as a security deposit for unfurnished apartments and a maximum of 2 months' rent for furnished apartments (N.J.S.A. 46:8-21.1).

In what other states can you use Baselane?

These are the other states where you can use Baselane: Arizona, California, Illinois, New Jersey, Texas, Virginia & all major states in the USA.

How is the security deposit amount determined when using the Baselane service?

Tenants can cause a lot of 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.

How are my personal information and funds protected when using the Baselane security deposit accounts?

You should collect the security deposit and the first month’s rent when your new tenant signs the lease. 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.

Do I need a new security deposit agreement if my tenant switches to month-to-month rent?

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 initial terms of the lease usually continue to apply when switching to month-to-month, and no change to the security deposit is required.

When can I collect the security deposit?

Get started for free

Security Deposit Account for Landlords in {{ state }}​