If you live in Florida, you got a lot going for you in terms of environment. You have surf, sun, and cool gators, too. With Ron DeSantis in charge, Florida has been going through several changes. One of the latest ones is a new law that allows landlords to charge 'junk fees' instead of a refundable security deposit.
Per Orlando Weekly, the law was passed today involving what's commonly-known as 'junk fees.' For renters, this can be a great thing, or a terrible thing. It all depends on how you look at it.
I read the law (FL HB 133) and saw a couple of key points worth noting. Landlords love the idea of having different ways of working with renters, but here's what the law means:
- Landlords do not have to charge a security deposit to rent to people anymore. They now have the ability to charge monthly recurring fees instead of a security deposit.
- The fees are at the landlord's discretion. The big concern for many people is the fear that landlords may add fees at their whim, turning renting into a prohibitive endeavor in many parts of the state. However, the flip side of this is that the fees can also help fix the apartment building or repair issues caused by the renters.
- There is no cap on fees. It could be $20 a month, or it could be $2000 a month. Advocates claim this could put renters in a tough spot or even exploit them.
- Landlords do not have to offer this alternative if they don't want to. It's up to the rental community boards.
- The fees are not refundable. This is very much unlike a regular security deposit, which has legal protections covered by state and federal laws.
So, what do you think? Is it worth a shot? Would you prefer this option over traditional deposits?
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