Florida security deposit notice: what landlords must send within 30 days
Within 30 days of receiving a security deposit or advance rent, a Florida landlord with five or more units must give the tenant a written notice saying where the money is held, whether it earns interest, and a disclosure the statute prescribes. Florida section 83.49 also limits how the money is held: a separate account at a Florida financial institution, with or without interest, or a surety bond with 5 percent simple interest to the tenant.
Step 1: choose how to hold the money
Section 83.49(1) gives three choices. The notice in step 2 has to describe the one you picked.
| Option | What it means | Interest to the tenant |
|---|---|---|
| (a) Separate non-interest-bearing account | The full amount, in a Florida financial institution, for the tenant's benefit | None |
| (b) Separate interest-bearing account | The full amount, in a Florida financial institution | At least 75% of the account's annualized average rate, or 5% simple interest a year, whichever the landlord elects |
| (c) Surety bond | A bond filed with the clerk of the circuit court in the county of the unit, for the lesser of the total held or $50,000 (or one bond with the Secretary of State for the lesser of the total or $250,000, for landlords in five or more counties) | 5% simple interest a year |
Under options (a) and (b), the money may not be mixed with other funds, pledged or used until it is actually owed to the landlord. Interest is paid at least once a year, directly or as a credit against the current month's rent.
Step 2: run the interest numbers before you choose
Example a made-up 10 unit building holds a $1,500 deposit per unit, $15,000 in all. In a non-interest-bearing account (option a), the owner owes no interest. In an interest-bearing account paying 2.0% (option b), the owner can elect 75% of that rate, 1.5%, or $22.50 a year per tenant, or elect 5% simple interest, $75 a year per tenant. With a surety bond (option c), the bond covers $15,000 and each tenant earns 5% simple interest, $75 a year, or $750 for the building.
Example a made-up 40 unit building holds $60,000 in deposits and chooses a bond. The bond only has to cover the lesser of $60,000 or $50,000, so $50,000, but tenants still earn 5% simple interest on their deposits: $3,000 a year across the building.
Most small owners pick option (a) for simplicity, and the bond for flexibility with the cash. Run your own numbers with your bank's rate and your bond premium.
Step 3: write the notice
Section 83.49(2) lists what the notice must contain. It can be in the lease, or sent within 30 days after you receive the money, in person, by mail, or by email where section 83.505 allows.
- The name and address of the bank where the deposit or advance rent is held, or a statement that you posted a surety bond.
- Whether the tenant is entitled to interest on the deposit.
- The disclosure in the exact form the statute prescribes. It begins: YOUR RENTAL AGREEMENT REQUIRES PAYMENT OF CERTAIN DEPOSITS. Copy the full text from the current statute, word for word, rather than from a template.
Example a made-up tenant signs a lease and pays a $1,500 deposit on October 1. The owner, who rents 14 units, did not put the disclosure in the lease, so the separate notice is due by October 31. The owner emails it on October 3, where the lease allows email, and saves a copy with the lease.
The notice rule does not apply to a landlord who rents fewer than five individual dwelling units. The rules on how the money is held still do.
Step 4: when something changes
- If you move the deposit to a different bank or change how it is held, notify the tenant within 30 days of the change.
- No new notice is needed just because your bank merges, changes its name or changes owners.
- If you sell the building, the deposits and any earned interest go to the new owner with an accounting; see deposits when a building is sold.
- Failing to give the notice is not a defense the tenant can raise to nonpayment of rent. It is still a requirement, so do not skip it.
Step 5: the same file at move-out
The notice you sent at move-in is the start of the deposit file you will need at move-out, when Florida's 15-day and 30-day deadlines apply. Those deadlines, and the claim notice, are covered in security deposit limits and return deadlines. Keep the 30-day notice, the bank statements for the deposit account and any interest payments in one place per tenant.
Keeping it straight in DoorKeeping
Each property in DoorKeeping has its own books and its own deposits-held balance, so you can see that the deposit account matches what you owe tenants. Store the 30-day notice with the e-signed lease in the property's documents, email it to the tenant, and let the bank feed match each deposit when it lands. DoorKeeping is $2 per unit per month and does not hold deposits; they stay in your own Florida bank account.
Sources
- Florida Statutes section 83.49, deposit money or advance rent, read Oct 30, 2026
Questions
- How long does a Florida landlord have to tell a tenant where the deposit is held?
- Within 30 days after receiving the deposit or advance rent, unless the information is in the lease. The rule does not apply to landlords who rent fewer than five units.
- Do Florida landlords have to pay interest on security deposits?
- Only under some options: an interest-bearing account (75% of the rate or 5% simple, as the landlord elects) or a surety bond (5% simple). A separate non-interest-bearing account pays none.
- Can a Florida landlord keep deposits in the operating account?
- Not under the account options. The deposit must sit in a separate account at a Florida financial institution and not be mixed with other funds, unless the landlord posts a surety bond.