Security deposit caps
Security deposits cannot be more than a single month's rent.
If a property owner asks for more than a single month's rent up front, the security deposit cannot be more than half of a single month's rent. In this case, you must allow the renter to pay the security deposit in up to three payments.
Exception
When a government agency or non-profit service provider refers a renter, you can ask for a security deposit worth one and one-half month's rent.
Legal notifications
When returning a security deposit to a renter, landlords must include a copy of Minnesota Statutes 504B.178 and Minneapolis Code of Ordinances 244.2040.