qira-insights-header-2

Virginia Security Deposit Laws

Author: Kasee Godwin
Date: 01.31.2023

Property owners in the state of Virginia cannot charge more than $50 as an application fee. Property owners in the state of Virginia are also limited in the amount of the security deposit they can collect, which is up to two months rent. The security deposit can be used to protect themselves from unpaid rent, damages incurred to their property, unpaid utility bills, and more. To learn more about the security deposit regulations in the state of Virginia, 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?

Property owners operating in the state of Virginia may charge an application fee of up to $50.

What is the security deposit amount the landlord can collect?

Property owners operating in the state of Virginia can collect a security deposit of up to two months rent in order to protect themselves from unpaid rent and damages incurred to their property.

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 Virginia. 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?

There is no regulation in the state of Virginia regarding how property owners must hold the security deposit.

Is the property manager/owner required to tell the resident where the deposit is held?

No. Property owners in the state of Virginia are not required to tell residents where their security 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 Virginia are not required to tell residents what the interest rate on their account is.

What can the property manager/owner deduct from the security deposit?

Property owners operating in the state of Virginia can use a security deposit in order to cover unpaid rent, unpaid utility bills, damages resulting from the residents failure to comply with their obligations as tenants, So long as those damages exceed normal wear and tear, damages resulting from breach of the rental agreement, or other charges listed in the rental agreement.

How long does the property manager/owner have to return the security deposit after the lease has ended?

Property owners operating in the state of Virginia have up to 45 days from the end of the lease to return the security deposit, or its remainder, if applicable, to the vacating renter. In the event that the property owner claims funds from a security deposit, they must provide an itemized list of deductions together with the remainder of the security deposit, if applicable.

What penalties does the property manager/owner face if they do not return the security deposit on time?

If a property owner in the state of Virginia does not return the security deposit, or its remainder, within the 45 days allotted by Virginia law, the property owner may be liable for returning the entire security deposit to the vacating renter, plus reasonable attorney’s fees. Vacating renters may also sue property owners in the state of Virginia small claims court for up to $5000.

What is the process for the property manager/owner to claim the security deposit funds?

Property owners in the state of Virginia that want to claim the security deposit funds, or a portion of it, must provide vacating renter with an itemized list of the deductions within 45 days. Vacating renters have the right to be at an exit inspection. the exit inspection must be performed within 72 hours of the vacating renter moving out of the rental property. Following the inspection, the property owner must provide the vacating renter with the itemized list of damages found during the inspection. In the event that a property owner finds additional damages following the exit inspection, the vacating resident may use the itemized list of damages to dispute those damages. The property owner must deliver the itemized list of deductions personally, or via mail to the vacating renters forwarding address within the allotted time. In the event that the vacating resident did not provide the property owner with a forwarding address, the property owner must keep the security deposit for one year From the end of the 45 day allotment period. After one year, the vacating resident forfeits their right to security deposit.

Is the resident allowed to apply their security deposit towards the last month’s rent?

It is not common for property owners to accept the security deposit as the last months rent in the state of Virginia. However, If the property owner and vacating renter agree to it in writing in the lease agreement, it is permitted.

To summarize, property owners in the state of Virginia have clearly outlined regulations regarding how they must return the security deposit, and what they must provide the vacating residents with. It is important for property owners in the state of Virginia to inform their vacating residents of their right to be present for the exit inspection. Additionally, it is important that the property owners keep accurate records of damages incurred to their property and provide this information to the vacating renters within the allotted time in order to avoid legal ramifications.

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.

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

decorative image of Qira's logo

Mitigating Rental Risks with Tenant Screening Reports

Tenant screening reports are an essential tool in evaluating whether or not a rental applicant is a good candidate, learn more about how to conduct these reports in the most effective and cost-saving way possible.

Author: Kasee Godwin
Date: 06.01.2023
decorative image of Qira's logo

5 Tips for Growth at a Property Management Conference

Learn 5 tips to maximize your professional growth at a property management conference this season!

Author: Kasee Godwin
Date: 05.30.2023
decorative image of Qira's logo

The Role of Artificial Intelligence in the Multifamily Housing Industry

Artificial Intelligence (AI) is becoming increasingly popular in the real estate industry, transforming how property managers and owners operate their properties.

Author: Kasee Godwin
Date: 05.25.2023
decorative image of Qira's logo

How to Write a Security Deposit Return Letter

Property managers who collect security deposits are always expected to send a security deposit return letter. This article outlines best practices when writing security deposit return letters.

Author: Kasee Godwin
Date: 05.22.2023
decorative image of Qira's logo

8 Tips for First-Time Renters: From Budgeting to Finding the Perfect Apartment

Renting an apartment for the first time can be daunting, but you can make the process smoother with the right tips. Here are 8 tips for first-time renters to help you navigate the process.

Author: Kasee Godwin
Date: 05.18.2023
decorative image of Qira's logo

How to Navigate Evolving Security Deposit Laws by State

Learn how can your property management company can thrive while state security deposit laws are evolving to create more rental affordability.

Author: Kasee Godwin
Date: 05.15.2023
decorative image of Qira's logo

Rent Reporting: a Game-Changer for Property Managers & Renters

Reporting rent to the major credit bureaus is not only great for renters--but can help property management as well by bringing in reliable renters.

Author: Kasee Godwin
Date: 05.08.2023

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