California renters have gained a financial advantage with the implementation of a new law regulating security deposits. Assembly Bill 1482, which took effect on July 1, 2024, establishes limitations on the maximum amount a landlord can collect as a security deposit.
As per to the official sources ocregister Previously, California law allowed landlords to request security deposits equivalent to two or even three months’ rent.
This placed a considerable financial burden on tenants, particularly those seeking new apartments and facing upfront moving costs.
The new legislation simplifies the landscape for renters. Landlords with more than two properties are now restricted to collecting a maximum security deposit equal to one month’s rent.
Landlords with two or fewer properties are permitted to request a maximum of two months’ rent as a security deposit.
Furthermore, active-duty military personnel receive an additional benefit – they can only be required to pay a one-month security deposit regardless of the size of the landlord’s property portfolio.
This legislative change represents a significant win for tenant rights organizations who have consistently advocated for more affordable housing options.
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Exorbitant security deposits were seen as a financial barrier to entry for renters seeking new accommodation, especially those with limited financial resources.
The new law aims to make housing more accessible and alleviate the financial strain often associated with moving.
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It is important to note that the new regulations do not prevent landlords from withholding legitimate deductions from the security deposit upon move-out.
Landlords retain the right to deduct for unpaid rent or documented damages exceeding normal wear and tear.
The implementation of this new law offers California renters much-needed financial relief and promotes a more balanced dynamic within the state’s rental market.