What is the maximum security deposit a landlord can charge?
For a monthly or fixed-term tenancy a landlord may collect no more than 3/4 of the first month's rent. For a week-to-week tenancy the limit is the first two weeks' rent. Any money a landlord takes beyond the rent counts as part of the security deposit (s.14(2)), so a separate key, pet or damage deposit counts toward the same limit; if the total is over it, the tenant may deduct the overpayment from rent (s.14(3)). The landlord gives a written receipt stating the amount, the date and the premises (s.14(4)), and within 2 banking days puts the deposit in an interest-bearing account at a financial institution in the province (s.14(5)); a landlord with 3 or more rental premises must use a trust account used only for security deposits (s.14(6)). Interest is credited to the tenant at the rate set under the Security Deposit Interest Regulations (s.14(7)); the Director's published schedule lists 0% for 2026 and 1% for 2024 and 2025.
- Where this comes from
- Section 14(1)–(7), Residential Tenancies Act, 2018 (Newfoundland and Labrador)
- Last reviewed