It’s commonplace in Alaska for property owners to collect a two-month security deposit from renters to protect themselves against damages and delinquent rent. Alaska limitation specifically exceeds units whose rent is more than $2,000 a month. Here’s a brief summary of Alaskan legislation around security deposit regulations for rental properties.
Is there a limit on how much the property manager/owner can charge for an application fee? If so, what is that amount?
There is no limit on the application fee amount in the state of Alaska. Application fees are separate from security deposits and are non-refundable unless otherwise noted.
What is the security deposit amount the landlord can collect?
As an Alaska property owner, you can request a security deposit of up to two month’s rent to protect your property in the event of damages or unpaid rent. This limitation does not include rental units whose rent is more than $2,000 per month.
Can the property manager/owner collect a fee for pets?
A pet deposit separate from the apartment security deposit is allowed in the state of Alaska for up to one month’s rent. The pet security deposit may only be used for damages directly related to or caused by the pet. Service pets are an exemption, and disabled persons with service pets do not have to pay an additional security deposit. The pet deposit must be accounted for separately from the rental security deposit.
How does the security deposit need to be held?
According to Alaska state law, the security deposit should be deposited in a bank or licensed escrow agent, and the terms and conditions regarding how the security deposited is managed must be disclosed to the resident. Prepaid rents and security deposits may be deposited in a single financial account; however the accounts must be held separately for each tenant in the event that the landlord has multiple properties.
Is the property manager/owner required to tell the resident where the deposit is held?
Property managers in Alaska must disclose under what conditions the security deposit is held.
Is the property manager/owner required to tell the resident what the interest rate on the account is (if applicable)?
Property owners in Alaska are not required to tell residents what the interest on their security deposit it.
What can the property manager/owner deduct from the security deposit?
Property owners operating in Alaska may keep a portion of the security deposit to cover unpaid rent or damages that exceed normal wear and tear.The damage must be directly related to the tenant’s failure to comply with Alaska statutes and renter obligations.
How long does the property manager/owner have to return the security deposit after the lease has ended?
In the state of Alaska, the regulation stipulates that if the lease was terminated with proper notice according to the rental agreement, the landlord must mail the written notice and return the security deposit remainder (after additional costs have been incurred, if applicable within 14 days from vacating the property. If proper notice was not given, the landlord has 30 days to return the security deposit. The security deposit refund must be accompanied by an itemized list of deductions if any exist.
What penalties does the property manager/owner face if they do not return the security deposit on time?
Property owners in Alaska that do return the security deposit within the 14 or 30 days may be fined up to double the amount of the security charges. This includes additional pet deposits.
What is the process for the property manager/owner to claim the security deposit funds?
In the state of Alaska, an itemized receipt must be sent to the vacating tenant with the refund detailing the exact reasons for which the property owners has withheld all or part of the security deposit.
Is the resident allowed to apply their security deposit towards the last month’s rent?
Renter may request to use the security deposit for their last months’ rent, however it is not mandatory for property owners to accept. In the event that a property owner accepts such an agreement, a written agreement must be made.
To summarize, renters and property managers in Alaska have clearly defined regulations they must abide by to ensure the interests of all parties. Property managers should keep accurate records of damages to their property and the costs incurred to provide renters with an itemized list of dedications if necessary.
Disclaimer & Sources:
Qira aims to keep this information as up-to-date as possible. The content provided here is for informational purposes and should not replace legal counsel. Please refer to the relevant government sources to check for any changes or updates to the law.