Does anyone know about rental interest?

Question

My boyfriend has lived in the same house for thirteen years and when he moved in, he paid first and last months rent. Is he, upon moving, entitled to interest on the last months rent? I believe he is, but we are not completley sure. Can anyone help us with this please. Ten to the first with the correct answer. Thank you.

we live in Canada, so anyone who might know Canadian rental laws would be helpful.

Answer 1

if it's not in his rental contract, he's not entitled.


Why did I get a "thumbs down" to this reply? My reply is the same as all the rest, just not as detailed. I am a landlord with many rental houses. I was giving the best information I could. You might not like the answer, but it was the truth. Your question didn't ask for elaboration.

Answer 2

I'm sorry to inform you of this but rent deposits and last months rents are not required to be held in an interest bearing account. It is customary for property management companies to do such anyway for their clients. You might call the landlord and inquire as to whether the deposit has earned interest and will they give you it. They are not required to but may as he was a good tenant for quite a long time. The rental agreement might also stipulate such. Most renters will just give proper notice and use the last months rent to already paid to cover the last month occupied. The notice must be given prior to the actual last month however.

Answer 3

Depends on the applicable statute within your jurisdiction. In most of the U.S., however, the landlord is not required to pay interest on the deposit unless it is specified on the rental agreement that he has agreed to do so.

First, check the applicable law - it may be available on-line. Second, check the rental agreement. Good luck.

Answer 4

If he lives in California he is not entitled to collect interest on deposit.