Greenville Rental Property Owners Need to Know SC Security Deposit Law

If you own Greenville rental property, you probably charge a security deposit to new tenants. However, are you sure that you are in compliance with the law? The following is a brief overview of the security deposit law in South Carolina.

There is no statewide law limiting the amount of money a landlord may charge for a security deposit. However, an unusual provision comes into play if a landlord owns four or more adjoining rental homes in Greenville. In this case, if the landlord decides to charge differing security deposits for similar Greenville rentals, the landlord must provide a written explanation of the standards used to calculate the differing security deposit. This explanation must be posted in a noticeable place on the premises or distributed to each prospective tenant. If the landlord does not follow this requirement, the difference between a tenant’s security deposit and the lowest security deposit required of another tenant is not subject to deductions for damages.

You may use the security deposit to cover the following:

  • Unpaid rent
  • Damages to the premises beyond normal wear and tear.

Upon termination of the tenancy, the tenant should give the landlord a forwarding address in writing. After taking deductions, you must mail the balance of the deposit and an itemized list of deductions to the tenant’s new address within thirty days, or to the tenant’s last known address if a new one has not been provided. If you do not return the deposit, you are liable for up to three times the amount owed, plus attorneys’ fees.

You can learn more about security deposits in South Carolina by contacting a rental manager in Greenville.