Handling security deposits for Wyoming rental properties is straightforward. To begin with, there is no limit on the amount of the security deposit. Landlords will typically charge one month’s rent as the security deposit. Wyoming does not require the landlord to deposit the security deposit in a separate account, and there is no requirement for interest to be paid on the deposit.
Wyo. Stat. § 1-21-1208 addresses security deposits. Once a rental agreement is terminated the landlord can use the security deposit for unpaid and accrued rent, damages beyond normal wear and tear, cleaning costs to bring the premises the level of cleanliness that existed at the beginning of the tenancy, and other costs provided in the rental agreement.
The landlord has 30 days after the termination of the rental agreement to deliver or mail the balance of the deposit, along with an itemized list of deductions from the deposit and the reasons for any deductions, to the tenant. If the tenant has supplied a new mailing address to the landlord the time frame is reduced to 15 days after receipt of the new mailing address, but in any case the later of the 30 or 15 days is what applies. One other caveat is that if there is damage to the premises, the time frame is 30 days. The tenant has 30 days after termination of the rental agreement to notify the landlord of where payment and notice may be made or mailed.
In the event that any damages caused by the tenant exceed the amount of the security deposit, Wyo. Stat. § 1-21-1211(b) allows the landlord to hold the renter liable for the additional amount and interest on any unpaid amounts at 10% per annum.
