Nebraska Statute 76-1416. This information will be outlined in your lease, so read it. Rent Deposit Calculation. If deductions are to be made from the security deposit, an itemized statement of deductions must be included. [5] The notice must include evidence of the costs of repair, such as invoices, receipts, etc. The rental law in Norway regulates how much the maximum security deposit sum can be, and the max security deposit sum in 2022 is 6 times the monthly rent. This post deals with security deposits where the landlord is covered by the VRLTA or the MHLRA. Getaround also allows car rental for your business trips. Getaround. For example, in Maryland the security deposit limit is two months' rent. It is displayed on the booking page and can be lowered by choosing either the "Plus" or "Premium" protection plan (when available). It is crucial to make sure you are charging your guests the proper deposit amount. Changes in Maximum Security Deposit Amount: Explore the revisions made to the maximum amount landlords can charge as a security deposit. The typical charge for a hotel deposit is $100 for hotels that charge more than $100/night. So if your rent is for 12,000 NOK per month, the landlord can ask for up to 72,000 NOK in the security deposit. Select your pickup and return times. A security deposit is any advance rental payment other than an advance for the first month's rent or a deposit for a key or any special equipment. By PropertyClub Team. This is generally impacted by credit score; the payment may range from $250 for those with good credit to as high as. Here are some common questions people ask about the security deposit law: “My lease required me to pay a ‘cleaning deposit’ and a $25 processing fee. If the unit is furnished, landlords can charge up to three times the monthly rent to account for potential damage to the furniture. If you pay by check, you should write "security deposit" on it. A California bill that would lower the amount a landlord can collect for security deposits is gaining steam. For example. They are usually calculated at 60% of the listing’s nightly rate. After paying an application fee of $35 and a security deposit of $99 for a rental unit, she was quickly approved and paid $399 for the first month’s rent. For example, some states say a tenant may be awarded any amount of the security deposit wrongfully withheld plus. May 8, 2023. The simple answer is: A security deposit is whatever amount you agree with your landlord on. Where the landlord and tenant agree, the landlord can deposit the security deposit refund electronically into the tenant’s account. A year later, the landlord sought to increase the rent by $50, to $1,050. Maine Security Deposit Laws for 2023 | Deductions, Returns, & Rights. 30 Days: In New Jersey, a landlord must return the security deposit within 30 days after tenants move out or their lease termination. This authorization is immediately voided. For most cars, the deposit is $200 for credit cardholders and $500 for debit cardholders. Cost of roadside assistance. Recently, these security deposit rules made the news when the Office of the Attorney General (OAG) announced an agreement with a New York City landlord for failing to return approximately $296,272 in security deposits to New Yorkers. For example, if your gross pay is $4,000 a month, limit your housing costs to $1,400 a month. Id. I was dead wrong. security deposit or “advance payment. Remind your landlord that it is your right to get your security deposit back. For non-residential property, the maximum security deposit will be equal to 6 months’ rent amount. In particular, the new security deposit laws – which prohibit landlords from. This means if you are renting a one-bedroom for $600, and you paid a $700 security deposit, you are entitled to 5% interest on $100 of the deposit. If a host makes a claim and Airbnb agrees that damage is to be paid for then they charge the guest. Small Claims Lawsuits in Maryland. Many property managers make the security deposit a full month’s rent. They do offer the lowest security deposit at just $150 though. Finding and replacing the car key. To facilitate return of the deposit, make a list of damages and necessary cleaning on the day you move in, with copies for both you and the landlord. California law limits the maximum security deposit to two months’ rent. For example, at 4:15 PM you book a trip that starts at 6:00 PM. For unfurnished rentals, the maximum security deposit amount is set at $995, while for furnished rentals, it is $1,500. C. [3]Maximum Security Deposit: Equivalent to 2 month’s rent unless the tenant is older than 62 years-old. For instance, if your estimated rental cost is $300, Enterprise will place a hold on $360, in which $60 is considered a. You should pay the security deposit by a separate personal check or by a bank money order. You have 1 hour from the time of booking (up to 5:15 PM) to cancel with no fees. If you are using a real estate agent, they will hold on to this amount until the deal is finalized. It’s money that’s used by the landlord as a form of insurance to protect themselves against property damage caused by the tenant or a missed rent payment. When you sign your lease, you typically agree to two important things: Paying your rent on time for the extent of your lease Protecting the rental unit from damages beyond. Please note that some banks can take an additional 5-7 days before showing the released deposit on your account. Rent and unlock a nearby car in seconds 4. You will need to fill out some forms at the courthouse. 1 #2 What is a security deposit for?There is no limit on how much your landlord can charge for a security deposit; however it is typically one month’s rent. Getaround ranks 184th among Car Rental sites. Generally speaking, a security deposit is often a reflection of your monthly rent. Whatever the amount is, the rental company is only holding onto this money while you’re with the car. 30 days: with deductions for damages. Some car rental companies will allow the renter to pay the. As a security measure, Getaround may add a temporary authorization of up to $150, usually for first-time renters only. Should Airbnb decide that your listing needs a security deposit, they will calculate the amount based on 60% of the nightly rate (with a maximum amount of $1,000). October 13, 2022. As with rent, landlords are free to charge as much deposit as they want. Enter your address into the search bar, if it doesn’t already appear. Most banks charge at least $15 per year for a small box, but. To move in, Latisha must have first months rent, last months rent and the security deposit. Return of the Security Deposit by Landlord. Upon termination of the tenancy or the date the tenant vacates the dwelling unit, whichever occurs last, such security deposit, whether it is property or. Latisha found an apartment that she wants to rent. Most D. But, before we dive into what those. Yes, landlords are required to do so. Tenants can write to their landlord requesting the return of their security deposit in some situations. Our app is what makes Getaround® so convenient for both guests and hosts. The full rental price plus a minimum security deposit of between $100 and $300 must be paid when you pick up the vehicle. If the tenant moved out because of a fire, the landlord must return the security deposit within 7 days. The landlord then demanded that the tenant pay an additional. The Getaround. What is a Security Deposit? A security deposit is a one-time, refundable sum of money that a landlord would typically collect from a tenant to safeguard a landlord financially from damages to a rental or leaves unexpectedly without paying rent, whereby a landlord can then off-set from the said security deposit. September 21, 2020. Please note that the amount is not debited - unless a claim is made by the owner. Excalibur Incidental Hold: $50/day Tropicana Incidental Hold: $50/day New York New York Indicental Hold: $50/day Park MGM Incidental Hold: $100/day Aria Incidental Hold: $150/day for Deluxe Rooms, $250/day for Tower Suites, and $350/day for Sky Suites Cosmopolitan Incidental Hold: $150/night for rooms and $1,000/night for Bungalow. Utility deposit = Monthly rental amount ÷ 2. 00 at move in Total = $2400. In many states the maximum amount your landlord can ask you to pay is equivalent to one, two, or three months of rent. For residential property, the maximum security deposit will be equal to 2 months’ rent amount. IR-2023-210, Nov. [10]And others don’t charge renters a security deposit at all. [8] If the amount is greater, the tenant must file in the local Circuit Court. This sum serves as a protective measure, ensuring the landlord has a financial cushion against potential damages or unpaid rent. [10] If the amount is greater, the tenant must file a civil case in District Court. 7 AZ Rev Stat § 33-1321. As a car-sharing platform, Getaround is not a traditional car rental service. Anyone can start a business by sharing their car on Getaround. So I text her again, "I thought everything was okay between us. Maximum Security Deposit. For example, with a month's rent price of $1,300 per the lease, the maximum a landlord can charge for a deposit. 602, et seq. The vast majority of rental companies will require a credit card in the renter’s name for the deposit, ensure that your card limit doesn’t surpass the security deposit. 00 x 2. When you return it and the rental company evaluates that the car is perfectly fine, they will return the. If you cause a damage that costs 300€ to repair, you will pay the full 300€, as it is less than the deductible amount. In 2021 the average. Both landlords and tenants must comply with these regulations in order to ensure a better leasing experience according to Georgia law. Arizona security deposit rules place a limit on how much landlords can ask from their renters in Arizona as a security deposit. The amount of this deposit depends on the car category and the details of your rental. If your rent increases at any point during the year, your landlord is allowed to raise the security deposit as well, but never by more than 10% in a given year. If a landlord holds a security deposit in an account that gains interest above the statement savings rate, they can keep up to 30% of the excess interest as an administration fee. §33-1321(A)). The 2023 Guide for Landlords. Maximum Security Deposit Allowed in Texas. The amount usually equals the monthly rent, Barone says. I only stayed for one day but I think this rate is on a per day basis. Give the tenant a receipt for the security deposit. There is a booking fee that is 3% of the trip price, or $1. If one total month’s rent is $1,000/month, a landlord could charge you $1,000 for a security deposit. If the landlord keeps your security deposit in bad faith, they will be liable to you for $100 + three times the portion of the deposit wrongfully withheld + any attorney’s fees. If you win the suit not only will you receive the security. The amount of the security deposit required by Hertz depends on a few factors, including the type of car you rent, your age, and your credit history. Limit to the total security deposit, which must include the pet deposit. Finding my receipt. When renting a new apartment, you’ll typically have to pay a security deposit equal to one months’ rent. A security deposit is money you give to your landlord when you sign a lease to protect the landlord. g. Specific limit to the pet deposit. The Getaround App. Your deposit will be refunded in full, in cash, subject to an inspection of the property. If your security deposit is also $1,500 per month, start the negotiations out at about 30 to 40 percent less and see if they agree to your terms. Find a. 1. 00USD, and Loss of Use of the vehicle, the deposit will be $. 7. The landlord can choose to ask for less than a month’s rent for the security deposit, but cannot ask for more than a single month’s rent as the security deposit. When the lease has expired, the tenant should have the security deposit returned to them minus any damages to the property. In California, the median rent for a two-bedroom apartment is $2,538 and for a three-bedroom home is $3,795 according to Zillow. Note: Charging a penny more than £1153. But then after a few hours, I get charged by Getaround for 50 dollars for my "parking mistakes". For example, in New York, a security deposit is limited to no more than one month's rent. The landlord must pay interest on both the security deposit and the last month's rent. The landlord may need these costs as compensation for a tenant’s failure to pay rent, or to cover rental repairs or damage above ordinary wear and tear caused by the tenant. It's wise to draw up a sublease or lease agreement and include. How much can a landlord charge for a deposit? A landlord cannot ask for a deposit that is more than 2 months' rent. As a Host- when Enhanced Security is on and you want to drive your car, simply unlock your car using the Getaround Connect Key through the Getaround app or website to enable your car’s starter. Votes. 01% for 2023). A security deposit is a predetermined amount of money that a renter provides to a landlord prior to moving into a property. The security deposit must be kept by the owner in an interest bearing account in a NYS bank. = RM1,500 ÷ 2. If your rent is $1,500 per month, don’t expect a landlord to go for your offer of a $100 security deposit. Getaround's Terms of Service Security Deposits Roadside Assistance (Guest) Booking. After creating your account or logging in, click on the "Find cars" text at the top of the screen. Smoking Policy. Learn More Myth 4: Credit card security deposits are bad for your savingsThis will show you basic info about the car. The security deposit is automatically released 5 days after the end of your rental, provided no incident has been reported by the owner of the vehicle. Getaround has a rating of 1. We have compiled a list of the average security deposit prices of major rental companies in the United States. Here’s an example with a monthly rent of £500: £500 x 12 = £6,000. How Much is a Security Deposit on an Apartment? When you’re getting ready to move into a new place, picture your security deposit like a starter’s fee in a race. However, that’s just the average and security deposits can cost renters even more than just a grand. How much does a security deposit cost? Most often, the amount of a security deposit is equivalent to one month’s rent. Explore the world’s first connected car sharing marketplace. The security deposit would be a maximum of $1,500 if the monthly rent was $1,000—one month’s rent ($1,000) plus one-half month’s rent ($500). A number of firms — Rhino, The Guarantors, and Insurent among them — have emerged to present an alternative, allowing renters to pay a small monthly fee to an insurance policy for the landlord that serves the. 3%. 101, et seq. When the lease is signed and the security deposit is collected the landlord must notify the tenant in writing of the location of the financial institution. Usually the tenant pays the security deposit before moving in. Deposit amount: $150. Written notice must be mailed with a return receipt requested to the address provided by the tenant and must include the amount of the security deposit due, if any, to the tenant, plus an itemized statement of deductions. 46:8-19 through 26 and as may be interpreted by a court of law. Then, Security Deposit = 15000*2=30000. The amount you'll charge for a security deposit depends on a variety of factors, from the laws in your city and state to the style of your rental property's. The rate of interest under section 38 (1) (c) of the Act [return of deposits] that is payable to a tenant on a security deposit or pet damage deposit is 4. A surety can be used as an. Laws surrounding the collection and return of security deposits in Maryland should get followed accordingly by both the tenant and landlord to ensure a safer and better rental experience. There are limitations though, depending on your state’s laws. com As a security measure, Getaround may add a temporary authorization of up to $150, usually for first-time renters only. In case of cancellation, the security deposit is released immediately. e. Section 92. 01. For example, if you pay $1,000 per month in rent, you might also. SECURITY DEPOSIT BULLETIN May 2010 (Revised September 2022) This bulletin outlines the laws pertaining to security deposits for residential rental properties in New Jersey, pursuant to the Security Deposit Law, as set forth in N. In some states, landlords are limited by security deposit laws to how much they can charge their tenant as security deposit. Idaho’s Security Deposit Law Under Idaho Code Sections 6-320 & 6-321: Any money deposited with a landlord that is not “rent” is a “security deposit. Credit score can also impact how much you need to put down. However, city ordinances may limit how much a landlord can charge for these types of deposits. The landlord demanded one month’s security deposit, which the tenant paid. . For example, if your monthly rent is $500 and your landlord requires first and last months’ rent for the deposit, you’ll need to have $1,000 on-hand for the security deposit. Verifying my profile. Wyoming. A security deposit (damage deposit) often is required by a landlord from a renter to cover possible damages to rental property. 5. min read. A security deposit can be used to pay unpaid rent, unpaid water bills, unpaid tax escalation and property damage, provided the rent was not lawfully withheld (e. The rate of interest owed on deposits for the period March 1, 2023 through February 29, 2024 is 2. This sum serves as a protective measure, ensuring the landlord has a financial cushion against potential damages or. They do offer the lowest security deposit at just $150 though. Steve143. 30 Days to Return Deposit. State laws regulate the amount. Security Deposit Interest - Utah laws don't require landlords to give interest to the tenant on the security deposits. 60 days. See Filing a Security Deposit Lawsuit in Florida Small Claims Court for advice for tenants filingMinnesota law does require landlords to provide interest on held security deposits. The Getaround App. 5X month's rent as a security deposit. Ensuring I'm eligible to rent. A $5,000 insurance certificate then replaces the deposit you'd normally get. A few months after that I received an update to the claim saying that cost to fix the damage was $2,200 and I was responsible for $1,000 (trip receipt. Its on hold when right when you booked and returned usually a week later. Your security deposit is released immediately, but some banks may take an additional 5-7 days before showing the released deposit on your account. In some cases, if Getaround considers that the cancellation reason expressed by the driver is a force majeure situation, Getaround can decide not to apply the cancellation policy and process to a. While a rent deposit may sound similar to a security deposit, they function differently in that the landlord may not withhold any portion of the rent deposit for a purpose other than covering the last month’s rent. It just doesn't get any easier. Ohio law does require landlords to provide interest at a rate of 5% per year. The security deposit, minus any unpaid amounts applicable to a Trip, shall be refunded to the Guest up to fourteen days after the successful completion of. The Getaround. A. Generally, there is no limit to the security deposit that can be required by the lessor, except if the lease falls under Republic Act No. Security Deposit According to the Zillow Group Housing Trends Report 2020, 88% of renters pay a security deposit, and the typical security deposit amount is $700. Protect yourself from scam rentals. 6 AZ Rev Stat § 33-1431. 1. Hours: 8:15 am to 4:30 pm (open Monday to Friday, closed statutory holidays) Phone:. Return of security deposit. Although leases can be fairly long, you need to take the time and read everything, even the fine print. Getaround makes hosting or finding, booking, and unlocking a car, truck, or van near you easy with the use of our mobile app and Getaround Connect®. Pet deposits are either refundable or non-refundable. When signing a new rental agreement in Wyoming, expect to hand over a security deposit equal to one or two months’ rent on top of paying your first month’s rent. Despite the safeguards we have in place to protect drivers, sometimes fake owners publish cars on Getaround that don’t exist. If you have a voucher funded by the Massachusetts. 6. From the date of termination, a Nevada landlord has 30 days to return unused security deposit portions to tenants alongside an itemized list for the deductions. The landlord may charge a separate application deposit that must be refunded within 20 days to any tenants denied the rental. Insurance Guarantees and Exclusions. California limits deposits to two month’s rent, unless the rental is furnished, in which case the deposit can be up to three months. ” After the tenant gives the premises back to the landlord at the end of the lease term, the landlord must return either the entire deposit or the . It just doesn't get any easier. You should be reimbursed on check-out. A landlord may not ask for more than this. The landlord may ask for any amount, but some local laws restrict the deposit to the equivalent of one or two months' rent. If you cause a damage that costs 300€ to repair, you won’t have to pay anything. However, landlords are not required to provide interest if the accrued amount at the end of the lease term is less than $1. Option 1: Escrow Account. Article updated on 01/31/2023. The deposit is usually paid along with your first month's rent. As a result, if the rental has a monthly rent price of $800, and you have to pay the first month’s rent and a security deposit upfront, you’d need to give your landlord $1,600 in total to move into the. How much a security deposit costs will also depend upon your background check. Hosts will also not need to worry about heading to the bank to deposit anything and can spend more time managing and growing their thriving car share business. Read the Law: Md. It’s money “secured” for the purpose of covering the costs of potential damages or losses caused by a tenant. If you have "project-based" Section 8 assistance in privately owned multifamily housing, the best thing to do is to look at the lease. The landlord may place the security deposit in a state or federally-regulated account. Under Texas law, landlords can charge whatever amount of. Unless you live in public or subsidized housing, there is no limit on the amount that can be charged. How Can Tenants File a Dispute for a Security Deposit in New York? If a landlord fails to perform their obligations regarding a security deposit, the tenant can file a dispute in Small Claims Court. 5% more rent or $35/month, whichever is greater. Share experiences…Guide to payment methods and settings. When you sign a Tenancy Agreement to rent a room in a co-living space, you will most likely come across this clause called the security deposit. If your car is sitting unused or you want to offset your car payment, Getaround is a peer-to-peer rental marketplace where you can make extra money renting your car to individuals, rideshare drivers, and delivery drivers. The deposit is usually paid along with your first month's rent. Service 56. [10]Yes, it is still up to Airbnb to grant your request for reimbursement and they will consider the "proof" you have. Is a traditional security deposit the only valid option for rentals? Not necessarily! Here are alternatives for landlords and tenants to consider. Filing fees are$35for one defendant ($5 for each additional defendant) plus $7 for service on the defendant. What is a security deposit? A security deposit is a payment due upon moving into a rental. states, while Getaround is more concentrated in about 300 U. Some states limit the amount required for a security deposit, usually from. How much security deposit can a landlord charge? A: If your agreement with the landlord is to rent his property on a week-to-week basis, your deposit may not exceed the equivalent of two weeks’ rent. Our online car rental offer saves you time. S. Example: Improper Security Deposit Increase Tenant’s rent is $1,000 per month. How Much: Changes annually (0. Security deposits collected as part of a lease agreement that is six months or longer, Interest Rate. The idea behind the clauses, when followed correctly by landlords, is to ensure that all. When we do activate our service near you, you'll be one of our very first users. Many times when your landlord is served, they will immediately send. No. [12]Vermont – Landlords can NOT charge an application fee in Vermont. I did not think much of it, assuming Getaround was an honest company, I figured the claim was a formality and it would be dropped, as there truly was no damage to the vehicle. When you book a Getaround trip, you have a 1 hour grace period to cancel the trip with no fees assessed, as long as you cancel before the trip start-time. Other people who rent whole apartments have $500 or more as their security deposits. Getaround offers more than 60,000 vehicles available for hire in the UK and Europe. West Hollywood: (323) 848-6450. The bond shall be conditioned upon the faithful compliance of the landlord with the provisions of this section and shall run to the Governor for the benefit of any tenant injured by the. Depending on your bank, these funds may take a few days to become available. Extreme filth or excessive trash and personal items left behind. Guide to renting on Getaround. NYC Rent Laws. Getaround has a rating of 1. According to this post from Zillow, pet deposits typically range from a flat fee of $200 to $500, while some cities, such as Seattle, limit the. Alaska. While income may affect pricing, it will not affect your eligibility for Rhino as there is no minimum income requirement. Getaround. Recently, these security deposit rules made the news when the Office of the Attorney General (OAG) announced an agreement with a New York City landlord for failing to return approximately $296,272 in security deposits to New Yorkers. Texas Security Deposit Limit. Other rental companies usually charge a security deposit that is refunded when the car is returned, but Getaround does not. 08 stars from 116 reviews, indicating that most customers are generally dissatisfied with their purchases. Getaround prioritizes the safety and security of its community members by implementing proactive safety measures, verifying identities, maintaining insurance coverage, and using advanced technology to prevent fraud. £113. For example, if a house or apartment rents for $5,000 per month, the security deposit will be $5,000 as well. Tennessee landlords must return the tenant's security deposit, or the part left, after appropriate deductions within 30 days from the tenant leaving or 60 days when the landlord never receives a response to get the refund. Security deposit. If your landlord is asking for a security deposit, be sure that this is written into your rental contract. For further details, see HCR Fact Sheet #9. Standard : Up to $3,000 max damage fee. If a landlord delivers a security deposit or prepaid rent to a garnishor in violation of ORS 18. You moved out on April 30, 2019. In Minnesota, a security deposit is a fee paid by the tenant to the landlord, which is separate from rent. When you book a car on Getaround, a security deposit is blocked at the time of payment. The rate of interest owed on deposits for the period March 1, 2022 through February 28, 2023 is 0. When you pick up the car, National would put a hold of $360 on your credit card. J. Considering the average rents in Manhattan have soared past $5,000 a month, losing even a portion of your security deposit means losing out on a significant amount of money. Security Authorization. Typically, it’s equal to one or two months’ rent, but the amount of your security deposit varies depending on your location, as each state has security deposit. There are no set limits on how much a landlord may charge for a damage/security deposit under state law. Statute (s) Texas Property Code, Title 8, Chapter 92, Subchapter C, Section 92. 13, 2023 — With the nation’s tax season rapidly approaching, the Internal Revenue Service reminds taxpayers there are important steps they can take now to help. Interest accrues starting on the first day of the next month following the payment of the. A landlord can require a maximum of one and a half month's rent as a security deposit. Amount varies depending on what type of car, when you book, and Getaround's risk assessment of your driving records. While a security deposit isn’t required by law, it can be a good practice to collect one in accordance with the laws in your city and state to financially protect you and your rental property. Guide to the security deposit. Let’s say you moved in August 1, 2018. Security Authorization. Within 45 days. If the landlord wants to deduct damages from the security deposit, they must include a written. The landlord may place the security deposit in a federally-insured, interest-bearing account of a financial institution within the state. Security Deposits. For example. A security deposit is a one-time, refundable sum of money a landlord collects from a tenant in addition to their first month’s rent. 2 AZ Rev Stat § 33-1431. The maximum amount that can be reclaimed through Small Claims Court is between $3,000 and $10,000 depending on where in the state the case. You can sign up now and use your referral link to tell your friends to do the same and earn $20 in Getaround credit for yourself! In Chicago, the landlord must return the security deposit within 45 days after the tenant moves out unless it is an owner-occupied building with 6 units or less. The first step in knowing your renter deposit rights in Arizona is knowing how much a security deposit can be. Yes, Northern Nevada law places a limit on how much a landlord can charge for security deposits. 2. Depending on your bank, these funds may take a few days to become available. State. landlord must give the tenant (1) a partialThe security deposit can cover two months of rent unless rent costs more than $2,000/month. Rent Deposit Calculation. The security deposit, minus any unpaid amounts applicable to a Trip, shall be refunded to the Guest up to fourteen days after the successful completion of that Trip. This allows the landlord to confidently rent the property knowing they won’t have to cover the cost if damages occur. No limit. “People are being asked to pay the equivalent of the down payment of a home in many. 300. [8] after the lease ends or the tenant vacates the rental unit (whichever is later), the landlord must return the security deposit. A subreddit for hosts, renters, and anyone else interested in Getaround car sharing. If your car has Enhanced Security enabled and you travel to a remote area where data network coverage (i. This should be mailed to the tenant's present address or delivered to the tenant personally. Whatever the amount is, the rental company is only holding onto this money while you’re with the car. A lease is a contract between you and your landlord that contains the rules and terms of the rental. 6. Upon receiving your deposit, your landlord is required to supply. Civil Code permits landlords to charge a refundable security deposit of at most one and a half months’ rent for a fully-furnished apartment and up to one month’s rent for unfurnished property. Five-week deposit= £230. Michigan Compiled Laws, Chapter 554, Landlord and Tenant Relationships, Section 554. Pay the tenant any interest collected at the end of the lease. Unpaid rent or other fees. If a landlord collects a deposit and specifically identifies it as a “pet.