Security Deposit Receipt Template

woman-holding-check-and-security-deposit-receipt A security deposit receipt is a written record of the payment of a security deposit from a prospective tenant to a landlord. A security deposit is a one-time fee that a landlord collects from a new tenant before moving into a rental property. This deposit is separate from any requirements to pay the first and last months’ rent before move-in. Landlords can use security deposits to cover the costs of property damage, missing amenities, and back rent.

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Table of Contents

Are Security Deposit Receipts Required?

Landlords are legally required to provide security deposit receipts in Washington, D.C., and ten (10) states: Florida, Kentucky, Maryland, Massachusetts, Michigan, New Hampshire, New York, North Carolina, Oregon, and Washington. The receipts usually have to include the identity of the bank where the deposit is held and the annual interest rate applied to the deposit fund. Some states even require annual reporting and paying of deposit interest.

Table: Security Deposit Receipt Requirements (By State)

State Requirements Statute
Florida Provide to the tenant within 30 days of collecting the deposit § 83.49(2)
Kentucky Receipt must include an itemized list of damage existing before the tenant’s occupancy § 383.50(2)
Maryland Landlord is liable to the tenant for $25 if they don’t provide a receipt § 8-203(c); § 8-203.1 
Massachusetts Provide to the tenant within ten (10) days of collecting the deposit and include an itemized list of prior existing damage § 15B(2)(c)
Michigan Landlord required to send formal request of security deposit at least fourteen (14) days before a new tenant’s occupancy begins § 554.603
New Hampshire Required except when a tenant pays the security deposit by personal check, bank check, or a check issued by a government or nonprofit agency RSA 540-A:6(I)
New York Receipt must include an itemized list of prior existing damage § 7-108(1-a)(c)
North Carolina Landlord must notify new tenant where their security deposit is stored within thirty (30) days of receiving the deposit § 42-50
Oregon Landlord required to provide a receipt ORS 90.300(2)
Washington Landlord is required to provide a receipt § 59.18.270
Washington, D.C. Landlord must provide a security deposit receipt unless it is paid by personal check. It has to include the amount received, the date received, and the purpose of the payment. § 14-306

Security Deposit Maximums

Many states cap security deposits at the equivalent of 1-2 months’ rent, but some don’t have maximum deposits. There are several factors that landlords can consider when deciding what to charge for a security deposit:

  • A property’s monthly rent;
  • Included amenities (quality, quantity, type);
  • Results of the tenant’s rental application and background check; 
  • State laws; and
  • What neighboring landlords charge for similar properties.

Table: Security Deposit Maximums (By State)

State Maximum Amount Statute
Alabama 1 month’s rent § 35-9A-201(a)
Alaska 2 months’ rent (unless rent exceeds $2,000 per month) § 34.03.070(a)
Arizona 1.5 months’ rent § 33-1321(A)
Arkansas 2 months’ rent § 18-16-304
California 2 months’ rent (unfurnished); 3 months’ rent (furnished) § 1950.5(c)(1)
Colorado No limit No statute
Connecticut 1 month’s rent § 47a-22a
Delaware 1 month’s rent § 5514(a)
Florida No limit No statute
Georgia No limit No statute
Hawaii 1 month’s rent § 521-44(b)
Idaho No limit No statute
Illinois No limit No statute
Indiana No limit No statute
Iowa 2 months’ rent § 562A.12(1)
Kansas 1 month’s rent (unfurnished); 1.5 months’ rent (furnished) § 58-2550(a)
Kentucky No limit No statute
Louisiana No limit No statute
Maine 2 months’ rent § 6032
Maryland 2 months’ rent § 8-203(b)(1)
Massachusetts 1 month’s rent § 15B(1)(b)(iii)
Michigan 1.5 months’ rent § 554.602
Minnesota No limit No statute
Mississippi No limit No statute
Missouri 2 months’ rent § 535.300(1)
Montana No limit No statute
Nebraska 1 month’s rent § 76-1416(1)
Nevada 3 months’ rent NRS 118A.242(1)
New Hampshire 1 month’s rent or $100 (whichever is greater) RSA 540-A:6(I)(a)
New Jersey 1.5 months’ rent § 46:8-21.2
New Mexico 1 month’s rent (only leases one year and under) § 47-8-18(A) 
New York 1 month’s rent Emergency Tenant Protection Act 576/74(f)
North Carolina 1.5 months’ rent § 42-51(b)
North Dakota 1 month’s rent § 47-16-07.1(1)
Ohio No limit No statute
Oklahoma No limit No statute
Oregon No limit No statute
Pennsylvania 2 months’ rent § 250.511a
Rhode Island 1 month’s rent § 34-18-19(a)
South Carolina No limit No statute
South Dakota 1 month’s rent § 43-32-6.1
Tennessee No limit No statute
Texas No limit No statute
Utah No limit No statute
Vermont No limit No statute
Virginia 2 months’ rent § 55.1-1226(A
Washington No limit No statute
Washington, D.C. 1 month’s rent 14 § 308.2
West Virginia No limit No statute
Wisconsin No limit No statute
Wyoming No limit No statute