Maine security deposit account for landlords
Easily collect and manage deposits for every property with dedicated security deposit accounts.
Why use a security deposit account in {{ state }}
Security deposit funds are instantly separated, making move-in, move-out, and returns completely clear.
Benefits for property
owners
Repair and maintenance
Covers property damage such as paint, carpet, or floor damage, including costs caused by pets.
Fund separation
Meet state requirements for holding deposits in a dedicated tenant security deposit account.
Streamlined returns
Simplifies refunding tenants while accounting for deductions like cleaning or unpaid utilities.
Benefits for tenants
Fair protection
Funds are protected from misuse, covering only actual repair costs like cleaning, carpet replacement, or floor damage.
Transparency on deductions
Tenants can clearly see allowable charges, protecting against unfair claims on normal wear and tear.
Savings potential
Deposits may be held in a tenant security deposit account or rental deposit account that earns security deposit interest, helping tenants recover more than they put in.
Baselane accounts cannot hold security deposits in states requiring escrow or state-based accounts, but can be used to collect, track, and securely transfer deposits to compliant external accounts.
{{ state }} security deposit account
Each tenant deposit Maine landlord receives must be held in an escrow account at a bank or financial institution.
{{ state }} security deposit
limits
The maximum security deposit Maine landlords can collect is 2 months' rent. This amount is consistent with the national average security deposit in many regions.
{{ state }} security deposit interest
Generally, Maine security deposit interest is not mandatory, meaning the security deposit interest rate is zero. But, state law security deposit rules do require paying interest on the security deposit in Maine if the rental unit is in a mobile home park.
Go beyond standard security deposit accounts
Collect, return, and track deposits by tenant and
property, even when funds are held in external accounts.
{{ state }} security deposit accounts
Keep every deposit organized and accounted for with secure transfers to [State] security deposit accounts.
Unlimited accounts for all entities
Manage deposits for all entities under one login — LLCs, corporations, partnerships, and individuals.
Free online payments
Collect rent and deposits online for free and easily return deposits via ACH, wire, or check.
Automated bookkeeping
Track and tag payments to the right tenant and property — automatically.
Essentials for every door
Everything you need for every part of the rental process.
Lease creation and e-sign
Upload or create and e-sign state-specific leases online.
Free tenant screening
Screen tenants online for free — instantly verify credit, background, evictions, ID, and income.
Property-specific accounts
Open unlimited checking and savings accounts to easily separate funds for all your properties with no monthly maintenance fees.
{{ state }} security deposit rules
2 months' rent
No
Must be held in an escrow account with a bank or other financial institution, and inform the tenant about the account number and location of the security deposit bank account in Maine.
Unpaid rent or charges, house repairs, lease violations, and cleaning costs
21 days (no deductions) or 30 days (itemized deduction with any pending deposit amount)
Additional resources
ARTICLE
How to collect security deposits
FAQs
How much security deposit can a landlord charge in Maine?
The Maine security deposit limit is 2 months' rent. Landlords can also charge first and last month's rent plus the security deposit, as the limit does not cover prepaid rent.
Is interest required on tenant security deposits in Maine?
No, Maine security deposit interest is generally not required. Landlords only pay interest if the unit is in a mobile home park.
How should I issue a security deposit receipt to tenants in Maine?
Landlords don’t need to disclose the landlord tenant security deposit bank account to tenants the tenant. Only if tenants ask then landlords must share the bank anime and account number where the funds are kept.
How many days to return the security deposit in Maine?
You must return the full remaining tenant security deposit in Maine within 21 days if you claim no deductions. If you make deductions, you have 30 days to return the remainder along with an itemized list.
What can a landlord deduct from a security deposit in Maine?
A landlord in Maine is legally permitted to deduct costs from the security deposit for unpaid rent and for damage to the rental unit (such as a house rental, apartment, or condo) that goes beyond normal wear and tear, including specific damages like floor damage. Importantly, if a landlord wrongfully deducts funds for normal wear and tear, the landlord becomes liable for double damages to the tenant. The landlord's rights to security deposit deductions are clearly laid out in the state law.
Can a security deposit be used for unpaid rent in Maine?
Yes, you can use the funds from the security deposit escrow account in Maine to recover any overdue rent from tenants. This is one of the most common and legally allowed deduction under the Maine Landlord rights security deposit rules.
Can a landlord keep a security deposit for breaking a lease in Maine?
If a tenant breaks their lease, landlord security deposit in Maine can be used to cover any lost rent. Since the tenant usually owes rent until a new renter is found, the deposit can help cover the gap from the vacancy. But, as a landlord you need to make a solid effort to find a replacement tenant as soon as possible.
