Property owners in the state of South Dakota have clearly outlined security deposit regulations that they must abide by. The state of South Dakota also enables property owners to charge a higher security deposit than what is legally allowed, which is up to one month, for extenuating circumstances provided that the tenant agrees to the terms period to learn more about security deposit regulations in the state of South Dakota, continue reading below.
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 South Dakota. Application fees are non-refundable.
What is the security deposit amount the landlord can collect?
As a property owner in the state of South Dakota, you can request a security deposit of up to one month’s rent to protect your property in the event of damages or unpaid rent. Property owners and residents may agree to a higher security deposit for extenuating circumstances if there is an additional risk, and as long as the resident agrees to the terms.
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 South Carolina. 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. Property owners may request documentation from a licensed healthcare provider certifying the residents need of a service pet.
How does the security deposit need to be held?
There is no regulation regarding how property owners in the state of South Dakota must hold the security deposits.
Is the property manager/owner required to tell the resident where the deposit is held?
No. Property owners in the state of South Dakota are not required to tell residents where the deposit is held.
Is the property manager/owner required to tell the resident what the interest rate on the account is (if applicable)?
No. Property owners in the state of South Carolina do not have to provide interest to residents on the security deposit amount held.
What can the property manager/owner deduct from the security deposit?
Property owners in South Dakota may keep a portion of the security deposit to cover unpaid rent or damages that exceed normal wear and tear, or to cover financial damages resulting from a breach of contract on the residents side.
How long does the property manager/owner have to return the security deposit after the lease has ended?
In the state of South Dakota, the security deposit must be returned to the renter within 14 days if there are no damages to be deduced from the security deposit. in the event that the property owner wants to claim a portion of the security deposit funds, they have 45 days in order to provide the itemized list of deductions.
What penalties does the property manager/owner face if they do not return the security deposit on time?
Property owners operating in the state of South Dakota that do not return the security deposit within the 14 or 45 days allotted, may be liable to return the full security deposit amount to the vacating renter alongside $200 in damages as well as legal fees they incurred. Vacating residents may also sue the property owner in small claims court within the state of South Dakota for a limit of $12,000.
What is the process for the property manager/owner to claim the security deposit funds?
Property owners that want to claim a portion of the security deposit in order to cover damages, or unpaid rent must provide residents with a written statement of the deductions they want to make, and why, within 45 days Alongside the remainder, if applicable.
Is the resident allowed to apply their security deposit towards the last month’s rent?
Residents in the state of South Dakota may not apply their security deposit towards the last month’s rent, The exception to this is if the property owner and the residents agree to this in advance and in writing in the lease agreement.
To summarize, property owners in the state of South Dakota have clearly outlined regulations regarding how and when they must return security deposits, what they can deduct, and how they must notify the vacating residents of their intention to claim a portion of or the entire security deposit.
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.