What is the security deposit limit in Michigan?
A landlord may not require or receive a security deposit exceeding 1.5 times the monthly rent under Michigan's Security Deposit Act. Upon receiving a deposit, the landlord must provide the tenant with a written inventory of the premises within 7 days of occupancy. Within 30 days of lease termination and vacancy, the landlord must mail an itemized list of damages and any deductions together with a check or money order for the remaining balance. Failure to provide the itemized statement within 30 days forfeits the landlord's right to retain any portion of the deposit, and the landlord may owe double the withheld amount plus attorney fees.