Yes. However, the law considers all deposits, such as last month’s rent, cleaning deposits, key deposits, and pet deposits as part of the overall security deposit. (The only exception is a waterbed deposit of one-half of one month’s rent, which the owner can charge the resident in addition to the overall security deposit.) In other words, if an owner designates and charges separate deposits, these deposits together cannot total more than two times the monthly rent if the unit is unfurnished and no more than three times the monthly rent if the unit is furnished (but lower amounts apply effective January 1, 2020 if the resident is a military service member, see CAA’s Industry Insight Security Deposits: Collection and Return for more information). It is better to charge one deposit rather than two or three separate deposits. The owner will have more discretion at the end of tenancy if damages are caused by the resident (or the resident’s pet).