How to Hold and Return a Security Deposit in Mississippi

Managing a Security Deposit in Mississippi

In Mississippi, there is no legal limit on the amount of money you can charge as a security deposit. The standard amount is one months' rent.

Storing the Deposit

There are no state laws governing the storage of security deposits in Mississippi. Most states require you to keep the deposit in a bank account separate from your personal finances.

Returning the Deposit

You can keep all or some of a subtenant’s security deposit if the unit is returned to you with damages that exceed normal wear and tear or if you need to clean the unit or cover unpaid rent. You have 45 days after the end of the sublease term to return the security deposit. If you plan to withhold any or all of the deposit, you must provide an itemized list stating how much you are withholding and why. If you do not return the deposit or an explanation stating why any amount is being withheld within 45 days, you may be required pay the tenant the amount withheld plus $200.