Greensboro landlords follow North Carolina's Tenant Security Deposit Act in NCGS 42-50 through 42-56. Deposits are capped based on tenancy length, must be held in a trust account or bonded, and an itemized accounting must be provided to the tenant within 30 to 60 days of move-out.
Under NCGS 42-51, security deposits are capped at two weeks rent for week-to-week tenancies, one and a half months rent for month-to-month tenancies, and two months rent for terms longer than two months. Deposits must be held in a trust account at a North Carolina bank or covered by a bond. Within 30 days of termination, the landlord must deliver an itemized statement of deductions; if final amounts are not yet known, a 30-day interim notice is allowed with a final accounting within 60 days. Greensboro does not add a stricter local cap, since rent regulation is partially preempted by NCGS 42-14.2.
Failing to provide a timely itemized accounting, commingling deposits with operating funds, or withholding a deposit without documented lawful deductions can expose the landlord to forfeiture and statutory damages.
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