There are several cities in California including Las Angeles that have a larger percentage of renters than homeowners. Los Angeles is ranked number four in the U.S. for the percentage of residents that are renters as 54% of its residents are renters. Four other cities in California are ranked in the top 21 for cities in the United States with the largest percentage of renters.
California not only has a large percentage of renters in their state, they also have very strict renting laws and regulations including for security deposits. Here are some of the important rules and regulations for landlords to be aware of in California when it comes to Security Deposits.
Security Deposit Limits: In California, a landlord can require a security deposit of two months rent for an unfurnished apartment, three months for a furnished apartment and require an additional half a month of rent be added to the security deposit if the tenant would like to have a waterbed.
Returning the Deposit: In California, landlords must return the security deposit within 21 days after the tenant has returned the keys and has moved out of the property.
Deducting from Security Deposits: Landlords must give notice to tenants if they take deductions out of the security deposit and must itemize those deductions.
If the Rental Property is Sold: Landlords must either return the security deposit to the tenant if they sell the property or transfer the security deposit to the new owner.
These are just some of the property management laws in California that landlords need to be aware of. It can be extremely difficult to manage and understand the property management laws in California and in other states while trying to manage multiple rental properties. That is why if you are a landlord or property manager in the United States you need to make sure you have a property management system that can be customized and has features that fit your particular needs so that you can stay compliant and up to date in your local and state rental property management rules and regulations. .
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.