Starting July 1, renters may get the option to pay a monthly fee instead of a security deposit. However, fee money cannot be used to cover any damage costs.

TALLAHASSEE, Fla. – On Friday, Gov. Ron DeSantis signed a heavily debated bill that can enable landlords to charge renters monthly fees instead of security deposits. The bill (HB 133), which passed the Florida Legislature in April, was one of 12 measures DeSantis signed Friday.

Under the bill, landlords would be able to offer monthly fees to tenants instead of security deposits, though landlords are not required to do so. Renters would decide whether to pay the fees or a deposit. The new law goes into effect on July 1, 2023.

In the face of Florida’s rising rental costs, the bill’s supporters say it provides an option to help renters get into apartments without having to come up with potentially thousands of dollars in upfront money.

In turn, opponents say the fees would not be capped, and that renters can’t eventually recoup the money, like they might with security deposits. The monthly fee also isn’t insurance, and also note that renters can still be forced to pay for damages after they move out.

For details on the new lease system, consult the bill itself. It outlines the conditions a landlord must follow in order to offer this type of payment option.

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Author: kerrys