South Carolina security deposit account for landlords
Easily collect and manage deposits for every property with dedicated security deposit accounts.
Why use a security deposit account in {{ state }}
Security deposit funds are instantly separated, making move-in, move-out, and returns completely clear.
Benefits for property
owners
Repair and maintenance
Covers property damage such as paint, carpet, or floor damage, including costs caused by pets.
Fund separation
Meet state requirements for holding deposits in a dedicated tenant security deposit account.
Streamlined returns
Simplifies refunding tenants while accounting for deductions like cleaning or unpaid utilities.
Benefits for tenants
Fair protection
Funds are protected from misuse, covering only actual repair costs like cleaning, carpet replacement, or floor damage.
Transparency on deductions
Tenants can clearly see allowable charges, protecting against unfair claims on normal wear and tear.
Savings potential
Deposits may be held in a tenant security deposit account or rental deposit account that earns security deposit interest, helping tenants recover more than they put in.
{{ state }} security deposit account
State law does not require you to hold funds in a security deposit escrow account in South Carolina. Even without an escrow requirement, keeping a separate tenant security deposit in South Carolina is a best practice to avoid commingling funds and simplify move-out accounting.
{{ state }} security deposit
limits
There is no legal maximum security deposit South Carolina landlords can charge. Many landlords charge one to two months’ rent to stay competitive. Consider the average, which ranges between $1,400 to $1,800, to set the deposit amount.
{{ state }} security deposit interest
Under state law security deposit rules, property owners aren’t required to pay a security deposit interest rate. Since there is no mandate to use an interest-bearing account, any interest on security deposits in South Carolina belongs to the landlord unless a lease agreement says otherwise.
Go beyond standard security deposit accounts
Collect, return, and track deposits by tenant and
property, even when funds are held in external accounts.
{{ state }} security deposit accounts
Hold each security deposit in separate non-interest or interest-bearing accounts that earn up to [v="apyvalue"] APY².
Unlimited accounts for all entities
Manage deposits for all entities under one login — LLCs, corporations, partnerships, and individuals.
Free online payments
Collect rent and deposits online for free and easily return deposits via ACH, wire, or check.
Automated bookkeeping
Track and tag payments to the right tenant and property — automatically.
Essentials for every door
Everything you need for every part of the rental process.
Lease creation and e-sign
Upload or create and e-sign state-specific leases online.
Free tenant screening
Screen tenants online for free — instantly verify credit, background, evictions, ID, and income.
Property-specific accounts
Open unlimited checking and savings accounts to easily separate funds for all your properties with no monthly maintenance fees.
{{ state }} security deposit rules
No state limit; 1 to 2 months' rent recommended
No
No escrow account required; separate account recommended
Owed rent, repairs, lease violations, and cleaning costs
30 days
Additional resources
ARTICLE
How to collect security deposits
FAQs
How much security deposit can a landlord charge in South Carolina?
There is no South Carolina security deposit limit. Many property owners choose to collect first and last month's rent plus a security deposit for high-risk applicants, though 1 or 2 months' rent is the most common standard.
Is interest required on tenant security deposits in South Carolina?
In South Carolina, security deposit interest isn’t required, as you don’t need to keep funds in an interest-bearing landlord-tenant security deposit bank account in South Carolina.
How should I issue a security deposit receipt to tenants in South Carolina?
While state law doesn't require it, you should issue a written receipt documenting the amount, date, and property address. This protects your landlord's rights, security deposit, and provides both parties with a clear record of the transaction.
How many days to return a security deposit in South Carolina?
You must return the tenant's security deposit in South Carolina within 30 days after the tenancy ends and the tenant shares a written forwarding address.
What can a landlord deduct from a security deposit in South Carolina?
Deductions are allowed for unpaid rent and damages exceeding normal wear and tear. Whether managing a house rental, apartment, or condo, if you fail to return the deposit or provide an itemized list of deductions within 30 days, you may be liable for double damages plus attorney fees.
Can a security deposit be used for unpaid rent in South Carolina?
Yes. If a tenant vacates with overdue rent payment, you can use funds from the security deposit bank account in South Carolina to cover that debt.
Can landlords keep a security deposit for breaking a lease in South Carolina?
If a tenant is breaking lease terms, the landlord security deposit South Carolina rules allow you to cover any financial losses, such as lost rent or the costs of re-renting the unit, provided those terms are outlined in the rental agreement.
