In a move that has sparked heated discussions, Florida Governor Ron DeSantis has given the green light to a bill that allows landlords to impose monthly fees on renters as an alternative to security deposits. This legislation, known as HB 133 or the "Fees in Lieu of Security Deposits Law", sailed through the Florida Legislature in April and was among a dozen bills signed recently by DeSantis. The law is set to take effect from July 1, 2023.
Under the provisions of the new law, landlords are given the option to propose a system of monthly fees to their tenants as an alternative to demanding security deposits. However, the law does not mandate landlords to extend this option. If the landlord extends the tenant this option, it will then be up to the tenant to decide whether to opt for the monthly fee system or stick with a traditional security deposit instead.
Supporters of the law see it as a respite for renters grappling with Florida's escalating rental costs. They argue that the legislation furnishes a pathway for tenants to move into apartments without having to shell out potentially large sums of money upfront.
Nevertheless, the law has not been without its critics. Detractors are wary of the fact that the monthly fees do not have an upper limit, and unlike security deposits, these fees cannot be recovered by the tenants. They point out that the monthly fee is not insurance and tenants could still find themselves on the hook for repair costs even after moving out of the rental property.
The legislation provides a comprehensive outline of the stipulations that landlords must abide by should they choose to propose this payment method. As the implementation date approaches, landlords and tenants alike will be keenly eyeing the implications of this change in Florida's rental landscape.
