How to Hold and Return a Security Deposit in Rhode Island

Managing a Security Deposit in Rhode Island

In Rhode Island, you may not charge a security deposit that exceeds more than one month's rent.

Storing the Deposit

Rhode Island law does not give instructions on how to store a security deposit. Many people opt to keep deposits in a bank account separate from their personal finances.

Returning the Deposit

You must return your subtenant's security deposit within 20 days of the end of the sublease. You can use the security deposit to cover any unpaid rent at the end of the sublease or to cover the cost of any damages to the unit that exceed normal wear and tear. You must provide your subtenant with a written, itemized list of any amount you plan to withhold from the deposit within 20 days of the end of the sublease. If you do not provide this list within 20 days, you forfeit your right to keep any of the deposit and your subtenant can recover in court an amount up to twice the amount you withheld plus attorney's fees.