What Is a Security Deposit? If you are a renter or a landlord then you are already pretty familiar with the concept of a security deposit. A security deposit is an amount of money that is paid in advance to the landlord when someone is renting property. In Virginia, the amount of the security deposit can be no more than two (2) months rent in most situations involving a residential lease. These rules can be different when dealing with a commercial lease (a business tenant) or for a limited number of exempt landlords.

Why Do I Have to Pay a Security Deposit? The purpose of the security deposit is to make sure the landlord has money available if a tenant decides to damage the rental unit or stop paying rent. It is a safety net for the landlord to protect their investment. Without a security deposit, the landlord could risk losing a lot of money if the tenant damages something valuable and requires a lot of repairs.

What Happens To My Security Deposit? The landlord is supposed to put your security deposit in a bank account for safe keeping. Your landlord is not allowed to use the security deposit for any purpose other than to reimburse themselves or damage to the property during the tenancy or for unpaid rent. The landlord can take out money during the tenancy if there is damage to the property during the rental period. Alternatively, the landlord may be able to use the security deposit to reimburse themselves for unpaid rent or damage to the property at the end of the lease agreement.

Do I Have a Right To Know What My Security Deposit Is Being Used For? Absolutely. Virginia Law provides that a landlord must provide you with a notice within thirty (30) days of deducting the money during the tenancy or forty-five (45) Days after the expiration of the lease.

What Happens If My Landlord Does Not Tell Me What They Are Using My Security Deposit For? You get it all back. The entire security deposit. The landlord can still try to recover the damages through Court, but cannot use the security deposit for it.