What is the security deposit limit in Virginia?
Under Virginia Code § 55.1-1226, no landlord may demand or receive a security deposit exceeding two months' periodic rent. Upon move-out, the landlord must provide the tenant with a written itemized statement of any deductions and return any remaining balance within 45 days after the termination date of the tenancy or the date the tenant vacates, whichever is later. Effective July 1, 2025, leases must disclose the security deposit amount on the first page along with monthly rent and any one-time charges, with a prohibition statement that no unlisted charges may be added. Permissible deductions include unpaid rent, late fees, and damages beyond normal wear and tear. Failure to return the deposit with proper documentation within 45 days results in forfeiture of the right to claim any deductions.