After finding an apartment and signing a lease, you will also likely be required to make a security deposit. You should know that Massachusetts security deposit laws protect tenants and restrict how much landlords can keep as the deposit, how long they can keep it, and what they can charge against the deposit.
First, a landlord cannot require a security deposit more than the amount of your first month's rent. So if you pay $1,000 a month in rent, the most that your landlord can keep as a security deposit is $1,000. This is true even if the landlord later increases your rent.
When you make the deposit, you should know that your landlord must provide a receipt and pay interest on the deposit. The security deposit is still your money, and you are entitled to interest payments on that money just like any other lender. The interest rate is usually 5% or whatever lesser amount is received from the bank where the deposit is held. You must be paid the interest annually on your move-in day even if you do not move out.
Also, if your landlord collects a security deposit, you must be given a statement of condition when you move in. You should list the problems with the apartment on this statement so that you will not be charged with preexisting damage. Deductions made from the security deposit will be based on the condition of the apartment on move-out as compared to what was written on the statement of condition.
When you do move out, your landlord must return your security deposit within 30 days. The landlord can only deduct from your security deposit for unpaid rent, some taxes, and the amount to repair damage caused by you. If deductions are made for damage, the landlord must give you a detailed list of damages and necessary repairs within 30 days of move out.
Massachusetts security deposit laws protect tenants. Landlords must comply with strict rules if they want to require a deposit and deduct from your deposit.
Related Resources:
- Find a Boston Real Estate Attorney (FindLaw)
- Tenant Rights (FindLaw)
- Massachusetts Rental Laws -- Signing a Lease (FindLaw's Boston Real Estate Law News)
- Massachusetts Tenant Rights, Before Signing the Lease (FindLaw's Boston Real Estate Law News)
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