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Updated over 4 years ago,
Collecting security deposits when increasing rents
How do folks handle security deposits when you increase rents for existing tenants (specifically in MA)?
A. Do you increase rent and leave security deposit at the original amount collected when first obtained (i.e., equivalent to 1 months rent)?
B. Do you increase rent and then also collect the difference between original security deposit collected (which was equivalent to 1 months rent) and the new rent amount?