Security deposit rules in Lynn: how much, where it goes, and getting it back
Massachusetts gives Lynn renters one of the strictest security-deposit laws in the country: the deposit is capped at one month's rent, it must sit in a Massachusetts bank escrow account earning you interest, and a landlord who mishandles it can owe you three times the deposit plus attorney's fees. Almost every rule below comes from a single statute — General Laws c.186 §15B — and every claim links to it.
What this page is: the deposit rules that apply in Lynn, each linked to its official source, plus what they mean in dollars at today's actual Lynn rents. It is not legal advice — when it matters, read the linked source or use the free legal help listed on our tenant rights page.
One month's rent is the ceiling — and the move-in charge list is closed
At move-in a Massachusetts landlord may collect only four things: first month's rent, last month's rent (at the same rate as the first), a security deposit no larger than the first month's rent, and the actual cost of a new lock and key. That list in §15B(1)(b) is exhaustive — a "pet deposit," "move-in fee," or landlord application fee on top of it is simply not among the charges the statute allows. Source: M.G.L. c.186 §15B(1)(b) · MassLegalHelp — Security deposits
It goes in a Massachusetts bank, in escrow, earning you interest
The deposit must be held in a separate interest-bearing account in a bank located in Massachusetts — not mixed with the landlord's own money — and within 30 days you must get a receipt naming the bank and account number. If that receipt never comes, the statute entitles you to the immediate return of the deposit. Interest runs at 5% a year (or the actual bank rate if lower) and must be paid or credited every year; if it isn't, you may deduct it from your next rent payment. Prepaid last month's rent earns the same interest. Source: M.G.L. c.186 §15B(2)(a), (3)
You get a statement of condition — read it and push back within 15 days
A landlord taking a deposit must give you a written statement of the unit's condition when the deposit is taken or within 10 days after the tenancy starts, whichever is later. You then have 15 days to return it with your own list of existing damage. This document is what move-out deductions get measured against, so photographing everything and sending back corrections is the single cheapest bit of self-protection a renter has. Source: M.G.L. c.186 §15B(2)(c)
30 days to give it back — deductions must be itemized and sworn
Within 30 days after the tenancy ends the landlord must return the deposit with interest, minus only unpaid rent and damage beyond reasonable wear and tear. Any damage deduction requires an itemized list, sworn to under the pains and penalties of perjury, with estimates or bills attached. No sworn itemization within 30 days means no right to keep any of it. Source: M.G.L. c.186 §15B(4) · MassLegalHelp — Getting your deposit back
Break the rules and the penalty is triple damages
If a landlord fails to return the deposit within 30 days, keeps it without the sworn itemized list, or violates the escrow rules, §15B(7) makes them liable for three times the deposit (or the balance wrongly held) plus 5% interest, court costs, and reasonable attorney's fees. Deposit cases fit small claims court, and the fee-shifting means tenant lawyers will often take clear violations — which is exactly why this statute has teeth. Source: M.G.L. c.186 §15B(7)
What that means in dollars at today's Lynn rent
The average Lynn rent is $2,354/month as of May 2026 (how we compute this), so for a typical unit:
- The most a landlord can take as a deposit is $2,354 (one month's rent).
- The most a landlord can collect at move-in — first month + last month + deposit + a new lock — is about $7,062 plus the actual lock cost. Anything beyond that list isn't a lawful charge.
- At the statutory 5% rate, a full deposit earns about $118/year in interest (less if the bank's actual rate is lower) — and prepaid last month's rent earns the same again.
By ZIP, using each ZIP's current average rent:
| ZIP | Average rent | Max deposit (1× rent) |
|---|---|---|
| 01905 (West Lynn) | $2,635 | $2,635 |
| 01902 (East Lynn / Lynn Common) | $2,458 | $2,458 |
| 01901 (Downtown Lynn / Central Square) | $2,147 | $2,147 |
Honest caveat: these are smoothed market averages (Zillow's ZORI index — methodology), not your lease. The legal caps apply to your actual rent, whatever it is — the table just shows the scale at typical Lynn rents.
Moving in or out?
Worth checking alongside the deposit rules: what your ZIP actually rents for (01905, 01902, 01901); whether you're signing in the market's soft season, when there's more room to negotiate the whole package; and the rules for rent increases at renewal. If a deposit isn't coming back and the landlord has gone quiet, the free legal-aid resources are exactly for this.
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