security deposit concerning rentals

[Elvin Torres]

Hi everyone. what is your take on security deposits when it comes to renting? i was thinking about collecting the first and second month of rent in place of it and make that non-refundable.

[Alec Boe]

Please be very careful and concise with fees, rent, and deposits. Deposits are by definition and Florida Law refundable. You can charge whatever fees you want, but you cannot call a fee a deposit. That would bring the assumption that it is refundable. In this scenario, it sounds that you then do not acquire a deposit and you acquire rent as normal but just paid 2 months upfront? So if you do not have a deposit, what do you have to fall back on should you need to make a claim? If you could provide some clarification on this matter so I can better assist I would love to help.