lease-provisions

Oklahoma Security Deposit Law

Author: Kasee Godwin
Date: 12.05.2023

Oklahoma Security Deposit Law: A Guide

Understanding Oklahoma Security Deposit Law is crucial for landlords and tenants in Oklahoma. This article provides an in-depth look at the key aspects of this law, ensuring compliance and clarity in rental agreements.

Maximum Security Deposit Amount

Contrary to some states, Oklahoma does not impose a legal maximum limit on the amount a landlord can charge for a security deposit.

 

However, it’s common practice for landlords to request a deposit equivalent to one month’s rent for unfurnished properties and one and a half month’s rent for furnished properties

Timeframe for Refund

Landlords in Oklahoma have a 45-day window to return the security deposit after lease termination, provided the tenant has surrendered possession of the property and made a written request for the deposit. If the tenant fails to request the deposit within six months of lease termination, the landlord may retain it.

Disclosure of Security Deposit Location

Oklahoma law requires that security deposits be held in an escrow account within the state in a federally insured financial institution. This stipulation ensures that the funds are kept separate from the property finances and safeguarded for the duration of the tenancy.

Interest on Security Deposits

Unlike some states, Oklahoma does not mandate landlords to pay interest on security deposits.

Documentation Requirements

Upon deducting from the security deposit, landlords must provide tenants with an itemized statement of deductions. This statement must be sent via mail (with return receipt requested) to the tenant’s forwarding address or handed over directly to the tenant. Someone at least 15 years old at the dwelling must sign the return receipt if mailed.

Legal Recourse for Tenants

If landlords fail to return the security deposit or provide an itemized statement of deductions within 45 days, tenants can file for damages in court. The amount claimed can include the deposit due, court costs, and reasonable attorneys’ fees. For disputes involving less than $10,000, tenants can approach the small claims division of the District Court; more significant amounts require filing a civil case in the District Court.

Final Thoughts on Oklahoma Security Deposit Law

Oklahoma Security Deposit Law offers landlords and tenants a balance of protection and responsibilities. Understanding these regulations is vital to maintaining a fair and lawful rental agreement. It’s always advisable for both parties to be aware of these rules to avoid any misunderstandings or legal complications during tenancy agreements.

Disclaimer

Qira aims to keep this information as up-to-date as possible. The content provided here is informational and should be different from legal counsel. Please refer to the relevant government sources to check for any changes or updates to the law.

kasee-godwin-80x80

Kasee Godwin

Position: Director of Marketing
Social Networks

Kasee is the Director of Marketing for Qira. She has nearly 15 years of experience in the real estate marketing industry, including 10 years on the client side. In her spare time, she enjoys reading science fiction, exploring new wineries, and fostering Golden Retrievers.

Other news

lease-provisions

Centralization in Multifamily Property Management

As each day becomes more tech-enabled, property management firms naturally evolve to seek efficiencies and capitalize on economies of scale. The movement towards centralizing leasing, operations, and maintenance functions is strategic. 

Author: Kasee Godwin
Date: 05.15.2024
lease-provisions

Exploring the Nuances of Ancillary Income

Ancillary income, a fundamental principle in the multifamily sector, encompasses the various revenue streams that property owners and managers can tap into beyond the primary rent collection.

Author: Kasee Godwin
Date: 04.10.2024
lease-provisions

Security Deposit Alternatives: A Win-Win for Property Managers

The advent of security deposit alternatives is reshaping this landscape, offering a win-win solution for property managers and renters.

Author: Kasee Godwin
Date: 02.22.2024
lease-provisions

The Rental Economy: Understanding the Shift in 2024

Evolving financial trends are defining this shift, challenging traditional investment strategies and demanding a more nuanced approach from industry professionals. The rise of Generation Z renters and a general change in renter demographics are reshaping rental market dynamics. 

Author: Kasee Godwin
Date: 01.25.2024
lease-provisions

The Rise of Gen Z Renters

As Generation Z (born between 1997 and 2012 and aged 12-27) increasingly enters the rental market, their preferences and behaviors are beginning to reshape the multifamily industry.

Author: Kasee Godwin
Date: 01.18.2024
lease-provisions

Artificial Intelligence and Machine Learning in Multifamily Real Estate 

Integrating Artificial Intelligence (AI) and Machine Learning (ML) in the multifamily real estate sector is transforming the industry's landscape. These advanced technologies are reshaping the dynamics for property managers, investors, and renters. 

Author: Kasee Godwin
Date: 01.16.2024
lease-provisions

The Future of Multifamily Housing: Trends to Watch in 2024

As we move into 2024, the multifamily housing sector continues to evolve, shaped by emerging trends that reflect broader social, economic, and technological shifts. 

Author: Kasee Godwin
Date: 01.09.2024
Wyoming Security Deposit Law

Wyoming Security Deposit Law

The state of Wyoming does not limit application fees or security deposit amounts that property owners can collect, and even enables property owners in the state to collect an additional security deposit for utility fees.

Author: Kasee Godwin
Date: 12.15.2023

We are a financial services platform for property management

We are a financial services platform for property managers and residents. We help property managers and owners improve cash flow, reduce vacancies and avoid bad debt.

1-3