Final Answer:
The Virginia Residential Landlord Tenant Act sets a maximum limit on security deposits. As per the act, landlords cannot require a security deposit that exceeds two months' rent.
Step-by-step explanation:
In accordance with the Virginia Residential Landlord Tenant Act, landlords are allowed to request a security deposit as a part of the lease agreement. However, this act also safeguards tenants by capping the maximum amount that landlords can demand as a security deposit. The limit imposed by this law prevents landlords from requiring a deposit that exceeds a sum equivalent to two months' rent.
This provision aims to maintain a fair balance between the interests of landlords and the protection of tenants' rights in Virginia's rental housing market. By specifying a clear limit, the law seeks to prevent potential financial burdens on tenants while allowing landlords a reasonable level of security against property damage or non-payment of rent.
Therefore, it's crucial for both parties involved in lease agreements in Virginia to adhere to this stipulation outlined in the Virginia Residential Landlord Tenant Act regarding security deposit limits.