In Connecticut, criminal damage of a landlord's property in the first degree is a class D felony. If you are a Putnam, CT landlord, you are protected from purposeful tenant damages.
The dream scenario is to avoid this problem altogether. Asking for security deposits can mitigate the risk that tenants pose, but you must follow the laws.
Keep reading to learn the ins and outs of security deposits in Putnam.
How Much Can You Charge for Security Deposits?
In Connecticut, landlords cannot charge more than two months' rent as a security deposit if the tenant is younger than 62 years old. If a tenant is 62 years or older, the limit is one month's rent.
Landlords in Putnam can also charge a pet deposit beyond the security deposit amount. This law does not apply to people who require a service animal.
The Federal Fair Housing Act mandates that housing facilities allow those with service or emotional support animals to have an equal home enjoyment opportunity.
Holding Security Deposits
A Connecticut landlord has to follow laws regarding holding security deposits. These funds must be held in an escrow account at a financial institution.
Withdrawals are only allowed in these circumstances:
- When landlords pay tenants accrued interest
- Security deposit returns to the tenant
- Transferring the security deposit to another escrow account
Tenant rights state that a landlord must provide them with a written notice of the details of the escrow account. You must provide a tenant with this notice within 30 days of the receipt of the security deposit.
Security deposits can be used as rent collection for the last months of rent if agreed upon by both the landlord and tenant in writing.
Returning Security Deposits
A landlord can deduct the cost of damage or injuries from the rental security deposit when the tenant is at fault. Legal deductions include:
- Outstanding utility payments
- Unpaid rent
- Costs associated with tenant damages
- Payments for property damages exceeding normal wear and tear
Before landlords can use security deposits for damages, they must create a detailed checklist of the deductions made. The cost of each deduction must be included as well.
While the tenant lives on the property, landlords are responsible for property maintenance and repairs.
Landlords have 30 days from the move-out date to return the security deposit or what's left of it to the tenant.
If you fail to return the deposit on time or provide an itemized list of deductions, you might be responsible for paying double the deposit amount. A fine might be applicable for offenses where landlords decide to withdraw funds illegally.
How Can a Property Management Company Help?
The best landlord advice we can give is to outsource your security deposit management to a property management company. Laws on security deposits in Connecticut are complicated, but we can help.
At PMI Putnam, we have experience in the local real estate market. We understand the laws on security deposits and can ensure you stay compliant as a rental property owner.
Rules and regulations can be burdensome, but we'll never overlook or ignore them. For a company that pays attention to the details, contact us today to learn about our services.
