Re: SD/rent - Landlord Forum thread

Re: SD/rent by NY-LL on July 18, 2012 @09:15

The State of Pennsylvania allows for a maximum security deposit of two months rent, during the first year of tenancy. The State of Pennsylvania requires the security deposit to be reduced to a maximum of one months rent, during the second year of tenancy and beyond. After five years the landlord cannot increase a security deposit even though the monthly rent is increased. The last months rent and pet fees, if collected by the landlord, are considered to be a separate deposit from the security deposit.

The law is not clear about whether the last months rent and pet fee deposits must be returned after the first year, if the amounts exceed the two month maximum security deposit. Nonetheless, the State of Pennsylvania requires that the security deposit settlement statement be issued by the landlord within thirty (30) days of move-out.

To address the landlord’s inquiry, the security deposit is based upon the potential value to cover to cost of damage to the premises and can be any amount specified within the legal state maximum, ranging from zero ($0) dollars to one half months rent to one months rent to two months rent. The landlord can collect the last months rent in advance which is considered, in some states, to be a security deposit. The tenant cannot use the normal security deposit intended to compensate for premises damages (not collected as last months rent) for their last months rent. The first months rent, security deposit, last months rent, and any additional fees should be collected by the landlord at lease signing and prior to move-in by the tenant to ensure the landlord has financial security before giving legal possession to the tenant.

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