Massachusetts Landlords must provide Tenants with an annual security deposit statement that includes information about the security deposit and the interest accrued.

Massachusetts Security Deposit Requirements: Annual Statement

Mass. Gen. Law Chapter 186 § 15B(3)(b) provides that any Tenant who has been in a rental unit for more than a year must be provided with an Annual Security Deposit Statement. This statement must include:

  • The name and location of the bank where the security deposit is being held;
  • The account number where the deposit is being held;
  • The amount of the security deposit;
  • The interest earned over the past year.

In addition, Landlords must make annual interest payments to Tenants. The payments should be either 5% of the security deposit or the actual amount of interest accrued. Payments can be made by cash, check, or deducted from rent. The specifics of this payment should be included in the annual statement.

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Reminder: this statement must be provided to all Massachusetts Tenants annually.