Virginia 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
You can leave the tenant’s security deposit in Virginia in any bank account you prefer. There is no legal requirement to hold these funds in a separate security deposit bank account in Virginia.
{{ state }} security deposit
limits
The maximum security deposit in Virginia should not exceed 2 months’ rent. This limit is at par with the average security deposit across other states.
{{ state }} security deposit interest
State law security deposit doesn’t require holding tenant’s deposits in an interest-bearing account, so you don’t need to pay any interest on security deposits in Virginia. You can choose to hold these funds in an interest-bearing account and pay the security deposit interest rate.
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
2 months' rent
A security deposit escrow account in Virginia is not required. But it’s best to hold deposit funds in a separate bank account.
Repairs, unpaid rent, lease violations, and cleaning costs
45 days
Additional resources
ARTICLE
How to collect security deposits
FAQs
How much security deposit can a landlord charge in Virginia?
Virginia's security deposit limit is 2 months’ rent, which also includes the first and last month's rent.
Is interest required on tenant security deposits in Virginia?
Virginia security deposit interest is not required, as you’re not needed to hold funds in a dedicated escrow landlord-tenant security deposit bank account in Virginia.
How should I issue a security deposit receipt to tenants in Virginia?
In Virginia, you aren't legally forced to provide a receipt, but it’s a smart move to protect yourself. Just hand over a simple note or send an email confirming how much they paid and when. This keeps your records organized and ensures everyone is on the same page from day one.
How many days to return a security deposit in Virginia?
Landlords have 45 days to return the tenant’s security deposit in Virginia in full or send a written list of deductions to the mailing address provided by the tenant.
What can a landlord deduct from a security deposit in Virginia?
Landlord’s rights security deposit rules allow you to take out money for unpaid bills, late charges, or physical damage that is beyond "ordinary wear and tear." Whether your property is a house rental, apartment, or condo, you must give the tenant a list of what you spent. If you keep funds unfairly, you could be forced to pay double damages.
Can a security deposit be used for unpaid rent in Virginia?
Yes, if the tenant moves out owing you rent or other fees, you can deduct that amount from their security deposit. Make sure to add these charges to the itemized list of deductions.
Can landlords keep a security deposit for breaking a lease in Virginia?
If a tenant is breaking lease terms and moving out early, you can use the landlord security deposit in Virginia to cover the rent you lose while searching for a replacement.
