At the beginning of any residential tenancy agreement, the landlord may require the tenant to pay a security deposit.  This deposit may be used by the landlord to cover any expenses during the tenancy agreement that are not paid by the tenant.  Non payment of rent, repairs of damage caused by tenant, cleaning of the rental unit for releasing, and any other expenses may be deducted from the security deposit.  Assuming that the tenant performs according the tenancy agreement, and leaves the unit in a clean, rentable condition, the security deposit must be refunded to the tenant at the end of the agreement.

REGULATIONS ON THE SECURITY DEPOSIT

·       The maximum amount of the deposit can be one half of a month’s rent

·       Only one security deposit can be charged per unit and only at the beginning of the tenancy agreement

·       An increase in the deposit cannot be required after the agreement has been in force

·       Can only be used to offset damage beyond normal wear and tear

·       There can be an additional pet deposit required, not to exceed one half month’s rent

     The landlord must return the security deposit within 15 days of the termination of the tenancy agreement, or with 15 days of receiving a forwarding address from the tenant.  The landlord must return the security deposit (minus any subtractions for damage) along with any interest accrued from the first day of the tenancy agreement.