New Security Deposit Ordinance in Atlanta
October 9, 2020
Atlanta City Councilman Amir Farokhi ushered through legislation that sets new rules for “Landlord-Tenant Security Deposits.”
In what he considers as another effort to help with housing affordability, Councilman Farokhi has passed an ordinance that would give renters options in coming up with their security deposits. This new measure only applies to housing providers with more than 10 rental units and still allows for security options for the property owner.
Here are the highlights of the new ordinance:
- Property owner must operate more than 10 rental units.
- Security Deposit must be more than 60% of one month’s rent.
- Property owner must allow renters two options with security deposits
- Make payments over the first three months of the lease.
- The renter can purchase security deposit insurance.
- This ordinance does not pertain to a security deposit to secure a unit 60 days prior to rental period.
This ordinance does not remove the option of the renter paying a traditional full security deposit payment and this ordinance applies to units in the boundaries of the City of Atlanta.
To view the details of this ordinance, click here.
If you have any questions or comments, contact Governmental Affairs Director, Aaron Johnson at 404-732-0631.
About the GRBOR Market Brief
The Greater Rome Board of REALTORS® (GRBOR) Market Brief is compiled by Georgia Multiple Listing Service (GAMLS).For more information on details of this month's report, please contact the Board at 404.845.4025.
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