I've been renting for approximately 2 years and was informed last month that a $300 increase in my security deposit is required with my next month's rent. Is this legal? The propoerty was sold about six months ago and I'm on a month-to-month lease which the only option given. I know they can raise the rent but can they also raise the security deposit?

What does the original lease say? If you are on month to month it must follow the terms of the original lease.

The amount that the landlord is entitled to charge as a security deposit depends on the laws in your location. If you are in the US go to http://realestate.findlaw.com/tenant to read about security deposits in general. Then click on the Resources link to get the security deposit rules for your state.

Are they perhaps giving you a 30 day notice that they intend to invoke a new rental agreement. A new agreement could ask for new rent and/or new deposit amounts,

If you are on a 30 day ( month to month) agreement they merely have to give you a 30 day notice to move you out.

Some states may have requirements or restrictions, but unless you have a written lease or rental agreement that restircts this, I would say they can get by with it ( if you let them, have you tried sawying "NO' and see what they say)

It is common practice to have the security deposit matching the rent amount; however, like already stated above, it all depends on the "fine print" of your rental agreement! Good Luck, please let us know what you find out!;)

Hi,
Buy-outs and Sell-outs of companies and businesses result in changes in operating procedures and costs.
I am almost sure, that since you are on a month-to-month pay, then they can raise your security deposit.
Your only other alternative might be to move somewhere else.
I do wish you the best, and good luck.