This office lease clause states that the amount of the security deposit shall be increased to reflect the increase in Base Rent. The Owner shall at all times have and maintain two full months' Base Rent as security.
Michigan Clause Providing for the Periodic Increase in the Tenant Security to Reflect Increases in Base Rent
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FAQ
(1) Within 45 days after termination of the occupancy and not thereafter the landlord may commence an action in a court of competent jurisdiction for a money judgment for damages which he has claimed or in lieu thereof return the balance of the security deposit held by him to the tenant or any amount mutually agreed ...
Typically, if the property is in good condition and without the need for repair when the renter moves out, the security deposit may be refunded to them.
Section 9 requires a landlord to send an itemized list of damages to a tenant within 30 days of the termination of tenancy, which must include specific statutory language informing the tenant that they must respond to the notice within 7 days, otherwise the tenant will forfeit the amount of claimed damages.
554.134 Termination of estate at will or by sufferance or tenancy from year to year.
In Michigan, landlords are allowed to raise rent at any amount as long as it is not discriminatory or retaliatory. However, there are no state-mandated limits on rent increases, so it is up to the landlord to determine the amount of the rent increase.
In Michigan, a landlord cannot charge more than one and a half (12) times your monthly rent for a security deposit. So, for example, if you pay $500.00 a month in rent, the landlord cannot ask for more than $750.00 as a deposit.
By statute, the maximum security deposit allowable is a 1½ times the monthly rent. This amount includes pet and other similar deposits. This amount does NOT include NONREFUNDABLE fees, such as cleaning and preparation fees.
AN ACT to regulate relationships between landlords and tenants relative to rental agreements for rental units; to regulate the payment, repayment, use and investment of security deposits; to provide for commencement and termination inventories of rental units; to provide for termination arrangements relative to rental ...
