In Florida there is no statutory limit on the amount a landlord can require a tenant to provide as a security deposit. This is seen as an amount that is fairly negotiated for before you enter an agreement and then agreed to once you sign the contract. Although not governed by any Florida statutes there are some commonalities of how much a landlord should charge as a security deposit.
Typically, the amount of one months’ rent is held as a security deposit, but this is not true for every situation. When the rental market is very saturated with available rentals security deposits will typically be lower than when the demand is much higher than the supply. Landlords will usually run a credit check on a potential tenant before entering an agreement. Some landlords will ask for a higher security deposit if the tenant’s credit score is below a certain level. However, we have also recently seen that some landlords are advertising a $0.00 security deposit to potential tenants if they have great credit scores.
The nice part is that a security deposit can be negotiated for. In bargaining for a better rental rate, potential tenants can also use a higher security deposit as an enticement for a lower monthly rental rate from the landlord. Just remember to document the condition of the property, both at move-in and at move-out!
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