Lease Renewal and Difference in security deposit
Hi,
I have a question specific to Massachusetts law. I just renewed lease for my tenants and with increased rent, I asked them for difference in security deposit. Per Massachusetts law landlords are allowed to take 1 month of rent as security deposit.
However I could not find any reference to if rent increases, do we also collect difference in security deposit? One of the local real estate professional mentioned that landlords are not allowed to collect difference but I wanted to confirm with wider audience if that is the case. I will really appreciate if someone who is aware of Massachusetts law can shed some light on this matter.
Thank You in advance.