Is there any limitation for the amount sought as security deposit while renting out an apartment in Michigan?
I am renting out an apartment in Michigan to a family. The rent decided is $1000 per month. Since it is a family of 7 with 5 kids and the possibility of damages to my rental unit is higher, I feel that I need to ask for a security deposit of $2000. Is there any limitation for the amount sought as security deposit in Michigan?01/16/2017 | Category: Landlord Ten... » Security Dep... | State: Michigan | #30262
Mich. Comp. Laws § 554.602 provides for the limit for seeking the security deposit. The section reads:
“Sec. 2. A landlord may require a security deposit for each rental unit. A security deposit shall be required and maintained in accordance with the terms of this act and shall not exceed 1 1/2 months' rent.”
Therefore, under the landlord-tenant laws in Michigan, a landlord can charge a tenant only up to one and one-half months' rent as the security deposit.