Security deposit

Not every Boston area landlord requires a security deposit. But if they do, it’s important that you know what the law requires of them. In short, a security deposit is nothing more than an escrow account held by the landlord in the event that a tenant causes damage to the apartment. If there is no damage, then the security deposit gets returned to the tenant along with interest that the deposit earns while in the bank. In fact, at the end of each year of tenancy, you are eligible to receive that interest from your landlord along with the name, location and account number under which the money has been placed. Once the security deposit is handed over, the landlord is required to do the following:
  • Deposit your money in a separate interest bearing account
  • Give you a statement of condition on the unit
  • Give you a signed receipt
There are other rules and protocols about Security Deposits. Ask your Rental Beast agent to tell you more or. For more information about Massachusetts and Boston area rental laws, download this PDF from www.mass.gov: Consumer Guide to Tenants Rights and Responsibilities