It depends where you live, how long you rented for, if you are in government subsidized housing and some times how many units the landlord owns. In some cases you can make interest off the last month’s rent too.
First it depends where you live. If you live in the state of Virginia you can get interest if you rented over 13 months and the landlord owns more than 5 units.
If you live in the Santa Cruz County in California you actually make interest off your last month’s rent too.
If you live in the city of Boulder Colorado the interest must be paid within one month of termination of the lease.
From my research it appears that most city, county and state require simple interest to be paid on the deposit.
Some locations calculate the rate of interest based on six month CD’s. It all depends where you live.
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2 users responded in this post
Does Castro Valley, CA get interest on security deposits??? If so how do I calculate how much interest is due? Move in date 4/15/93 and move out date was 6/31/06. Thank you for your time and reply!
Caroline,
I first started out on your county’s web site: http://www.acgov.org but could not find the information. So then I went to your city’s web site (a bit strange) and couldn’t find it there either. I didn’t give up, I then went back to the county web site and email them. They were quick to reply:
“As far as we know, this is based upon the City laws, not County laws. You might want to try a search on the city’s website or try an internet search.”
If I have time I will try emailing your city’s site next.
Dave