Residents
Owners
For a renter, a security deposit is one of the biggest hassles when they need a new place to live. A security deposit is an amount of money you are required to pay your landlord upfront to move into the home.
This security deposit is to protect the landlord from a financial loss. If you try to break your lease or you damage the property, the landlord keeps the security check. If you stay for your lease and do not damage the property, you can get the security deposit back.
The amount of money a landlord will ask for a security deposit tends to very pretty greatly from one place to the next. What most tenants do not know is – there are a lot of laws in place limiting how much of a security deposit a landlord is allowed to ask for. In order to protect yourself, you should take the time to learn what the limits are in your area.
What is Considered Common?
In Michigan a landlord can charge a maximum of one and half month’s rent for the security deposit. The landlord is not allowed to ask for any more than an amount equal to one and half month's of rent.
There are other ways the landlord can get additional money by charging nonrefundable fees such as a smoking fee, pet fee, application fee and cleaning fee. There are other states that allow as much as two month’s rent for a security deposit.
The best thing you can do is talk to an attorney in the local area. This is a professional who will be able to give you an honest piece of advice regarding the current laws regarding security deposit caps. With the help of an attorney, you can stay within the legal limits with your security deposit.
