Security Deposits

The South Dakota Landlord Tenant law governs the amount and handling of the security deposit. Here are some essential items relating to the security deposit:

• The amount of the deposit cannot be greater than one month’s rent.
• Deposits must be returned within 14 days of the Resident moving out of the property, or the landlord is subject to fines and loses the right to hold any part of the deposit.
• Deposits belong to the Resident. The deposit only becomes the property of the owner if money is owed at the end of the lease.
• Deposits are held by Real Property Management Express in a non-interest-bearing trust account.
• At the end of the lease, we determine if there are any damages or money owed. If so, we withhold the amount from the deposit and return the remaining money to the tenant along with an itemized statement of the outstanding charges.