Is it true that you can collect interest on a deposit your landlord collects?

Question

if so how much could i get from her if i gave her 360 ? lived ther 9 years

Answer 1

in some states yes you can, based on 5% which is proably high, you might get $150 in interest.

Answer 2

You should check your lease and local rental housing laws/ordinances.

In most cities in California there is no requirement to pay interest on security deposits. Few landlords pay interest unless required to do so by law.

Some rent control ordinances also require payment of interest on security deposits.

When interest is required, it is usually specified at passbook rates (sometimes as low as .37%) or a specific interest rate.

If you try to go after your landlord for interest not legally or contractually required, be prepared for her to deduct any late fees that may have accrued on your account over the last 9 years. Remember, it cuts both ways.

In the event she does owe you interest, you can find a compounding calculator in the internet or use one from Excel.

Answer 3

Whether or not a landlord pays interest on a security deposit is dependent on state and/or local law. In my state, there is no requirement to pay interest on the deposit. In some cities in California (but not all) interest at a specified rate is required. Check your local laws to determine whether or not you are due any interest.

Answer 4

Yes its true, when the landlord takes your deposit, they're suppose to put it in a saving account, that way it collects interest. But since most landlords are crooks, they dont!