Security Deposit Rules in Rhode Island

This podcast highlights essential Rhode Island security deposit regulations as explained by real estate professional Alex Parmenidez. Under state law, landlords are strictly prohibited from charging more than one month's rent as a security deposit. Once a tenant vacates the property and provides a forwarding address, a 20-day countdown begins for the landlord to either return the funds or provide a detailed list of deductions. Failing to meet this deadline can result in the landlord being ordered to pay double the original deposit in legal penalties. The guide further clarifies that deductions are only permitted for actual damages and not for standard wear and tear occurring over time. To avoid disputes, the expert emphasizes the importance of thorough documentation and maintaining photographic evidence during the move-in and move-out processes.