storyfx
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You most certainly are entitled to interest on your security deposit if you lived in Los Angeles ( in a unit that received a Cert of Occupancy prior to 1978 / and it is not a single-family home. ) These rental properties are subject to rent control and that includes paying you interest on your sec deposit. (Interest to be compounded annually and can be paid to you annually or with your sec deposit after termination).
You must have lived in the unit at least 1 year.
Interest Rates to be paid on the deposit are:
2003 = 1%
2004 = .26%
2005 = 1.21%
2006 = 1.74%
2007 = 2.39%
I'm wondering if all the "no" answers are from landlords :)
You can sue for recovery in Small Claims Court - and that is only a few dollars to file.
Good luck! |
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yasimoula
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I know they dont in Australia.. not that that helps you |
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The Reverend Soleil
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Only if that's part of your lease agreement.
Next time, read the fine print. |
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Diane
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If you signed a lease, the lease from California Association of Realtors which is used by most agents in So Calif states no interest on your security deposit. So you should check your lease to see what it specifies. |
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spadezgurl22
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u'll prolly get .05% interest on ur secuirty which would only be like 10 bucks give or take. |
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Lisa L
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It depends on how long you lived in the apartment. 6 months--no, 10 years, maybe. Each county has rules on how this works. In San Francisco it's by how long the landlord held your money. |
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sh.1959
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not unless it's written into the contract and I'm about 99.9% sure it's not. They would be crazy to write that in unless it was some kind of promotion. |
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♥ JustAChick ♥
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No. It wasn't an investment into their company, it was protection for them against any damage you may have caused. But that would be a good idea ... maybe you are just the person to get that changed! :o) |
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theman134
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technically - yes you should, but seldom people get it. Be happy if you get your original deposit back (after they make their deductions for cleanliness and damage.) |
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nikitamagic
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Depends, if u paid extra as a deposit, of course you can get it back, well it still need to base on how you kkep the apt condition. and if u didnt pay anything, then there is nothing u can expect. |
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uhleenah
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Not in California... they might even give you less than you paid because sometimes they take money to do things like professionally clean the carpets. |
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Midwest guy
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Depends on Californina state laws. In Illinois, landlords must pay interest if the complex has 25 units or more. You should be able to go online to find out the laws in your state. |
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mazziatplay
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No. |
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natethenorsk
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Nope. The landlord is entitled to receive interest off of your deposit. All they owe you is the amount of the deposit, less reasonable deductions for damage or cleaning. Wear and tear should never be deducted from your deposit, don't allow the landlord to hold back your money for that! |
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I hate Comcast
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Did the both of you agree that your security deposit would be an investment on your part, refundable with interest in your Rental Agreement? |
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Moondog
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Some states have this but it is such a small amount it isn't worth worrying about. |
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aitkenpatty
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More than likely the security deposit is held in an account that earns no interest. I work for a large Apartment Management company and we are required to hold all security deposits in a seperate account and we earn 0% interest on them. If they had it in an account that earns interest then you could push the issue. |
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pugetsound1973
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No...you should be happy if you even get your deposit back |
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DOT
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eNo, only the deposit if you left the apartment in good condition. They use the interest earned for routine cleaning and getting the place ready for the next tenant. |
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Matthew Zajac
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yes one time I got my security deposit including interest because the Landlord are putting YOUR money in their saving account and earning interest and their obligation is to give you their interest they had earn now becareful because landlord can claim that they did not put your money in their saving account nor they will say they did not earn interest that is the way of making excuse to keep the interest. I know that is california law that they are require to give you their interest to you. good luck I hope you can get your interest from the Landlord. they should be giving you their interest every year while you were still living in your apartment. ifyou hae any question feel free to email me bayareaman1972@yahoo.com |
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Life Is Amazing
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No ! |
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californian
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Yes, they do! |
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Bongernet
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Landlords of rental units subject to the RSO, which includes dwelling units, suites, condominiums, duplexes, guest rooms, and rooms in a hotel, motel, rooming house or boarding house occupied by the same tenant for more than 30 consecutive days in the City of Los Angeles with a certificate of occupancy first issued before October 1, 1978, must pay interest on all security deposits held for at least one (1) year for their tenants. The Rent Stabilization Ordinance does not require payment of interest on security deposits for mobile home parks. |
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cole
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no... you get your security deposit back once they decide you didnt do any damage.. Its not like they are holding the money for you. Its incase you bail or mistreat the property. |
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iceman
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That info would be in your lease.. most likely not...and even it it was it would be nothing life changing for sure |
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smcgilli
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on security deposit - yes.
on last month's rent (paid up front) - no. |
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H2Oskier
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Yes, deposits must be placed in an interest-bearing account, and that accrued interest must be paid upon termination of ones lease agreement. |
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