Legislature defeats proposed rental security deposit increase
On Wednesday the state legislature voted down HB 1485, a bill that would have increased the maximum allowable amount for a security deposit paid to a landlord to two-months’ rent.
MANCHESTER, NH — On Wednesday the state legislature voted down HB 1485, a bill that would have increased the maximum allowable amount for a security deposit paid to a landlord to two-months’ rent. The roll call vote was 184 to 149. The 184 “yea” votes killed the bill as inexpedient to legislate (ITL). Manchester Representative Mark McLean (R-District 44) was a cosponsor of this bill.
At a February 5 meeting, Manchester’s state delegation met with Mayor Joyce Craig to review state initiatives that can affect the city. At that meeting, Charleen Michaud of the Welfare Department indicated her opposition to HB 1485.
A 2017 Residential Rental Cost Survey by New Hampshire Housing stated that in the Granite State, “It is really difficult to find an affordable place to rent.”
For the city of Manchester, the survey reported a median monthly gross rent of $1,185. According to the report: “The statewide median gross rent of $1,263 (including utilities) for two-bedroom units has increased over 4 percent since 2016 – the fourth year in a row that rents have increased. Meanwhile, the vacancy rate continues to decline; this year it stands at 1.4 percent for two-bedroom units. An average vacancy rate of 4 percent to 5 percent is considered a balanced market for supply and demand.”
