Local Issues
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.
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The 400 North Association of REALTORS® (400N) Market Brief is compiled by Georgia Multiple Listing Service (GAMLS). For more information on details of this month's report, please contact the Association at 770.845.4008.
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The 400 North Association serves as a central source of information for our members and our main focus are real estate education, the promotion of professionalism in our industry and representing our REALTOR® members with legislative initiatives to create positive change for the real estate community. Throughout its history, the 400 North Association has exerted its influence in civic affairs in its capacity of representing a substantial segment of the business community across the Forsyth, Dawson and Lumpkin area. The Association has contributed to various charities over the years by hosting fundraisers.
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