How to Hold and Return a Security Deposit in Virginia

Managing a Security Deposit in Virginia

In Virginia, the amount you charge as a security deposit may not exceed two month's rent.

Storing the Deposit

You must store the security in a bank account that accrues interest. You are only required to give that interest to the tenant if they are staying for 13 months or more. If, at any point during the tenancy, something happens that means you will make a deduction from the security deposit, you are legally required to notify your tenant in writing within 30 days of the incident.

Returning the Deposit

You must return your subtenant's security deposit within 45 days of the end of the sublease. You can use the security deposit to cover any unpaid rent at the end of the sublease, unpaid utilities owed to you, 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 45 days of the end of the sublease. If you fail to do so, you lose your right to withhold any of the security deposit. If the damages result in a cost to repair that is greater than the amount of the security deposit, you must let the tenant know within this 45 day window.