Oklahoma law does not set a specific maximum amount for a tenant security deposit. Most landlords charge the equivalent of one month’s rent, though higher deposits are permitted if reasonable and disclosed in the lease. The tenant deposit must be returned within 45 days after move-out, along with an itemized list of any deductions.
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Limit: In Oklahoma, 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 exact tenant deposit can vary based on factors such as the tenant’s credit history, rental record, or property type. The amount must always be clearly stated in the lease agreement, and using a dedicated security deposit bank account in Oklahoma is strongly recommended to ensure compliance and transparency.
Return Deadline: The landlord must return the tenant security deposit, along with an itemized written list of deductions, within 45 days after the tenant vacates the rental property and provides a forwarding address. If the tenant does not request the return of the deposit or fails to provide a forwarding address within six months, the landlord may legally retain the funds.
Acceptable Deductions: The tenant security deposit may be used to cover unpaid rent, late fees, damages beyond normal wear and tear, cleaning costs required to restore the property to its pre-rental condition, and other expenses resulting from a breach of the lease agreement. The landlord must provide a detailed, itemized statement along with receipts or repair estimates to justify all deductions taken from the tenant deposit.
Where to Deposit: Oklahoma law requires landlords to hold tenant deposits in a separate, federally insured escrow account at a financial institution located within the state. The deposit cannot be commingled with the landlord’s personal or operating funds. Upon request, the landlord must inform the tenant in writing of the location of the escrow account. While no specific security deposit interest rate is mandated, using a security deposit escrow account in Oklahoma or a landlord tenant security deposit bank account in Oklahoma ensures that tenant funds are securely held, traceable, and managed in accordance with state law.
