What is the maximum amount of security deposit in Maine?
I am shifting to the city of Maine next month and would like to rent an apartment. What is the maximum amount of security deposit that one would have to make for a tenancy at will agreement in Maine?12/23/2016 | Category: Landlord Ten... » Security Dep... | State: Maine | #28667
“any advance or deposit, regardless of its denomination, of money, the primary function of which is to secure the performance of a lease or tenancy at will agreement for residential premises or any part thereof.”
14 M.R.S. § 6032 states that a tenancy at will agreement is not permitted to require a security deposit that is more than 2 months’ rent of the concerned rental property.
“A lease or tenancy at will agreement for a dwelling intended for human habitation may not require a security deposit equivalent to more than the rent for 2 months.”
The maximum amount of security deposit for a tenancy at will agreement may be an amount that is less than the rent for two months of the rental property.