27 Apr Security Deposit Changes for Landlords
There have been recent changes regarding security deposits for Missouri. This change of the statute will cause landlords to adjust their future security deposit requirements. Landlords are now required to hold tenant security deposits in a separate trust account. This law does not require brokers licensed in Missouri to hold security deposits in a trust, but they are required to have a separate account for the deposits.
Since the statute has been updated, landlords are now allowed to charge carpet cleaning fees and deduct the charges from the security deposit. However, in order to do this, the lease must include a special provision explaining this. It would be beneficial for landlords to modify their current leases to include this carpet cleaning provision.
No other significant changes were made to this statute. The maximum amount that may be collected for a security deposit remains at two months’ rent. The timeframe to return the remainder of a tenant’s security deposit is still within 30 days after the lease has ended.