Are there limits on how much a landlord can charge for a security deposit?

In South Carolina, the amount a landlord can charge for a security deposit depends on the type of unit you’re renting. For residential units, the landlord can’t charge more than two months of rent, while for commercial units, the amount is limited to three months of rent. These restrictions are set out in the South Carolina Residential Landlord and Tenant Act. The landlord must also keep all of the security deposits in an interest-bearing account that is separate from the landlord’s own accounts. The landlord also has to provide the tenant with a statement that outlines the amount of security deposit, the date it was paid, the name and address of the financial institution where the deposit is kept, and the rate of interest to be paid on the deposit. If the landlord fails to comply with the security deposit requirements, they may be subject to financial penalties. For example, the landlord may be required to return up to three times the amount of the security deposit and/or may be liable for the tenant’s court costs and attorney’s fees. When the tenant moves out, the landlord must provide the tenant with a written statement that outlines any deductions from the deposit due to damages to the property. The landlord also must return whatever remaining security deposit that is owed to the tenant within 30 days. Overall, South Carolina law places limits on how much a landlord can charge for a security deposit. It also requires the landlord to keep the deposit in a separate interest-bearing account and to provide the tenant with a statement outlining the details of the deposit. Additionally, the landlord is responsible for returning any remaining security deposit to the tenant within a designated period of time.

Are there limits on how much a landlord can charge for a security deposit?

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