What is the security deposit limit in Maryland?
Effective October 1, 2024, the Renters' Rights and Stabilization Act (HB 693) reduced the maximum allowable security deposit in Maryland from 2 months' rent to 1 month's rent for most residential tenancies. An exception permits up to 2 months' rent if the tenant receives qualifying utility assistance from a governmental or charitable source. Landlords must hold security deposits in a separate escrow account and pay interest. Deposits must be returned within 45 days after the tenancy ends, with a written itemization of any deductions. Landlords who wrongfully withhold deposits are liable for the amount wrongfully withheld, plus penalty damages.