What Is the New Security Deposit Law in Florida?
What Is the New Security Deposit Law in Florida?
Quick Answer
The new security deposit law in Florida allows landlords to offer tenants the option to pay a recurring, non-refundable fee instead of a traditional refundable security deposit, under Florida Statute §83.491. This law applies to rental agreements entered into or renewed on or after July 1, 2023, and requires landlords to provide detailed written disclosures about the fee and the tenant’s right to switch to a traditional deposit at any time. There is still no statewide cap on the amount of a traditional security deposit, and strict 15/30/15-day deadlines for returning or claiming deposits remain in place under Florida Statute §83.49. If a landlord misses the 30-day notice deadline to claim deductions, they forfeit the right to keep any part of the deposit, even if there is actual damage. Missing or misunderstanding these rules can cost landlords thousands in lost deposits or legal fees, and tenants can lose out on money they expected to get back. Call me at 941.400.8735 or reach out directly to Michael Renick – I’ll share my approach with you.
What Is the New Security Deposit Law in Florida?
Florida’s new security deposit law, codified at Florida Statute §83.491, lets landlords offer tenants a monthly, non-refundable fee as an alternative to a traditional security deposit. This law applies to residential leases entered into or renewed on or after July 1, 2023, and is designed to give tenants more flexibility and landlords a new risk-management tool.
Under this law, tenants can choose between paying a standard refundable deposit or opting for the recurring fee. The landlord must provide written disclosures explaining the fee, the tenant’s right to switch to a traditional deposit, and any costs involved in changing options. Importantly, the recurring fee is not refundable at move-out, and any damages or unpaid rent can still be pursued by the landlord. This new option is especially common in larger multifamily complexes in Sarasota, Longboat Key, and Manatee County, but all landlords statewide must follow the same statutory rules.
How This Works in Florida Specifically
Florida Statute §83.49 governs traditional security deposits, requiring landlords to return the deposit within 15 days if there are no claims, or to send a written notice of intent to impose a claim within 30 days after the lease ends. If the landlord fails to send the claim notice within 30 days, they forfeit the right to keep any portion of the deposit, even if there is damage or unpaid rent. The deposit must be held in a separate account or covered by a surety bond, and the landlord must disclose the holding method and location within 30 days of receiving the deposit.
The new §83.491 allows landlords to offer a non-refundable monthly fee instead of a deposit, but only if the tenant agrees in writing and receives all required disclosures. The fee is not treated as a security deposit and is never refunded, even if the tenant leaves the property in perfect condition. In coastal markets like Sarasota and Longboat Key, where higher property values and hurricane risks drive up potential repair costs, some landlords use higher deposits or the new fee option to manage risk, but the statutory rules apply statewide.
How This Is Typically Negotiated
In most Florida residential leases, the landlord sets the security deposit amount – often one to two months’ rent, but there is no legal maximum. With the new law, landlords can offer the recurring fee as an alternative, but tenants cannot be forced to accept it; they must have the option to pay a traditional deposit instead. The terms, including the fee amount, payment schedule, and any charges for switching between options, must be spelled out in the lease.
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In my experience, larger apartment complexes in Sarasota and Manatee County are more likely to offer the fee-in-lieu-of-deposit option, while single-family rentals and smaller landlords usually stick with traditional deposits. Tenants sometimes negotiate for lower deposits or installment payments, especially if their credit or rental history is strong, but the landlord is not required to agree.
Exceptions and Variations
There are a few exceptions and variations to the standard rules. If a landlord and tenant agree in writing, deposit-related notices (such as the landlord’s intent to impose a claim) can be sent by email under Florida Statute §83.505, but only if both parties sign a specific addendum. Some online sources claim there is now a statewide cap on deposits, but this is not supported by the statute or authoritative summaries – there is still no legal maximum.
Short-term rentals, vacation properties, and certain corporate leases may have different deposit structures, but the core rules of Chapter 83 apply to most residential rentals. In rare cases, a landlord may post a surety bond instead of holding the deposit in a bank account, but this is less common in the Sarasota and Longboat Key markets.
Standard vs. Exceptions
| Scenario | Security Deposit Allowed | Fee-in-Lieu Option | Notice by Email Allowed |
|---|---|---|---|
| Standard residential lease (Sarasota) | Yes | Yes (if offered) | Yes (with addendum) |
| Short-term/vacation rental | Yes | Sometimes | Sometimes |
| Large multifamily complex (Longboat Key) | Yes | Common | Yes (with addendum) |
| Small single-family rental (Manatee) | Yes | Rare | Yes (with addendum) |
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What This Means for Your Specific Transaction
If you’re renting or investing in Sarasota, Longboat Key, or Manatee County, the new law means you may be offered a choice between a traditional deposit and a recurring fee. This can affect your upfront costs, your risk if there’s damage, and your ability to recover money at move-out. I’ve seen tenants surprised when they realize the monthly fee is never refunded, and landlords lose thousands by missing the 30-day claim deadline or failing to follow disclosure rules.
For example, I worked with a landlord in Bradenton who assumed a text message was enough notice for a deposit claim. The tenant’s attorney pointed out that the law required a formal written notice, and the landlord had to return the entire deposit – even though there was clear damage. Understanding these details before you sign can save you from expensive mistakes.
Questions Clients Actually Ask
Can a landlord in Florida charge any amount for a security deposit?
There is no statewide cap on security deposit amounts in Florida; landlords can set the deposit based on the lease agreement, and one to two months’ rent is typical according to Innago. However, charging an unusually high deposit may make a property less competitive in Sarasota and Longboat Key.
Is the new monthly fee option refundable at move-out?
No, the monthly fee in lieu of a security deposit under Florida Statute §83.491 is never refundable, even if you leave the property in perfect condition. This fee is not treated as a deposit and does not offset any damages or unpaid rent.
My home buying experience with Mike and Eric continues to exceed my expectations, even long after the sale. Not only did they deal with me honestly and efficiently for the sale itself, their service didn’t stop there. They continue to keep an eye on my condo when I’m not there and have even referred rental clients to me, which has worked out very well! This is well beyond the norm in the real estate industry. Good, old fashioned service. I will be calling them again for my next purchase, for sure!
– ppugielli, Zillow Review
What happens if the landlord misses the 30-day notice deadline for deposit claims?
If the landlord fails to send a written notice of intent to impose a claim on the deposit within 30 days after the lease ends, they forfeit the right to keep any part of the deposit according to Florida Statute §83.49. The landlord can still sue separately for damages, but the deposit must be returned in full.
Can deposit-related notices be sent by email in Florida?
Yes, but only if both landlord and tenant sign a written addendum authorizing email delivery, as allowed by Florida Statute §83.505. Without this addendum, notices must be sent by mail.
Are local city or county rules still relevant for security deposits?
No, Florida’s 2023 preemption law means statewide statutes now control security deposit rules, overriding any local ordinances in Sarasota, Longboat Key, or Manatee County.
What if I want to switch from the monthly fee to a traditional deposit?
Under Florida Statute §83.491, tenants have the right to switch from the fee option to a traditional deposit at any time, but the landlord may charge a reasonable administrative fee if this is disclosed in the agreement.
What To Do Right Now
Before signing any Florida lease, ask for the exact security deposit or fee terms in writing and confirm how notices will be delivered. This one step can protect you from losing thousands or getting locked into a non-refundable fee you didn’t expect.
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Michael Renick · Licensed Florida Real Estate Broker
License #BK3241900 · Verify on Florida DBPR
Mangrove Realty Associates Inc / Team Renick · Serving Sarasota & Manatee Counties since 2011
About the Author
I’m Michael Renick — a Florida West Coast broker with over 15 years guiding families through some of the biggest decisions of their lives. I’ve built my practice on hard work, honesty, and total transparency. No shortcuts, no spin — just straight answers, deep market knowledge, and the dedication my clients deserve from start to close.
Equal Housing Opportunity. This article is general information only, not legal, tax, insurance, or financial advice. Market conditions, insurance requirements, and costs vary by property and transaction; confirm your specific situation with the appropriate licensed professional. Michael Renick, Licensed Florida Real Estate Broker, License #BK3241900, licensed by the Florida Department of Business and Professional Regulation (DBPR). Mangrove Realty Associates Inc — each office is independently owned and operated.
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