What is the security deposit limit in Massachusetts?
Under M.G.L. c. 186, § 15B, a landlord may not require a security deposit exceeding the amount of one month's rent. The deposit must be held in a separate, interest-bearing bank account at a Massachusetts bank, and the landlord must provide the tenant with written notice of the account within 30 days of receiving the deposit. Upon termination of tenancy, the landlord must return the deposit (with accrued interest at 5% per year or the actual rate earned, whichever is less) within 30 days, along with a written itemized statement of any deductions. Failure to comply may subject the landlord to treble damages and attorney fees.