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Maryland Security Deposit Laws

Maryland Security Deposit Limit

Up to a maximum equivalent of two months’ rent may be collected for the security deposit. The landlord shall maintain all security deposits in a separate federally insured financial institution located within the State. In addition, security deposits of $50 or more must pay interest at an annual noncompounded rate of 3%.

Landlord must provide a receipt that describes tenant’s rights to move-in and move-out inspections and right to receive itemization of deposit deductions and balance, if any; and penalties for landlord’s failure to comply. Landlord may include this information in the lease.

Deadline for Returning Security Deposit

Security deposits must be returned within 45 days after the tenant has moved out.