Alaska Security Deposit Collections & Holdings

Alaska Security Deposit Collections & Holdings

Last Updated: April 4, 2023 by Ashley Porter

Quick Facts Answer
Maximum / Limit Usually 2 Months’ Rent
Receipt Requirement None
Inventory Requirement None
Interest Requirement None

To learn about laws on security deposit returns in Alaska, click here.

Maximum Security Deposit Allowed in Alaska

Alaska law limits the maximum security deposit to two months’ rent. However, if the rent exceeds $2,000 per month, there is no limit to the security deposit.

Can Landlords Charge an Additional Pet Deposit in Alaska?

In Alaska, landlords can charge a pet deposit, except for service dogs and emotional support animals. However, the pet deposit cannot exceed one month’s rent.

This amount is in addition to the security deposit, but the pet deposit must only be used for damage caused by the pet.

How Much Rent Can a Landlord Collect Upfront in Alaska?

Landlords in Alaska can collect the first month’s rent in advance. However, landlords can only collect two additional months’ rent in advance, whether collected as a “security deposit” or “last month’s rent,” unless the monthly rent is greater than $2,000.

Security Deposit Collections in Alaska

When collecting a security deposit, landlords in Alaska must promptly deposit the money in a financial account and provide the tenant with a written statement describing the terms and conditions under which the deposit may be withheld by the landlord.

Do Landlords Have to Provide a Receipt for the Security Deposit in Alaska?

Although some states like Washington require a receipt, landlords are not required to provide a receipt for the security deposit in Alaska.

What Obligations Do Landlords Have to Establish the Condition at Move-in in Alaska?

Alaska law does not have specific obligations before a tenancy to establish the condition of the rental unit. While other states like Washington have pre-tenancy obligations like a written inventory of damages, Alaska does not.

Security Deposit Holdings in Alaska

Alaska law requires landlords to hold security deposits in a trust account in a bank, savings and loan association, or licensed escrow agent. Prepaid rent and security deposits can be held in the same account, but they must be kept separate from the landlord’s own funds.

The landlord must separately record and apply the amount of prepaid rent and security deposit collected from each tenant.

Are Tenants Entitled to Interest on Their Security Deposit in Alaska?

Alaska law does not require landlords to provide interest on held security deposits.

How Are Security Deposits Accounted for in Alaska?

Security deposits are not considered taxable income when they are collected.

What Happens to a Security Deposit When the Property is Sold in Alaska?

When a property is sold in Alaska, the seller must transfer the security deposit to the new owner, who must handle it according to the same rules.

Sources

Security Deposit Collections in Other States