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Re: Security owed?

Posted by Ken on November 03, 2000 at 18:14:23:

In Reply to: Security owed? posted by Dawn on November 03, 2000 at 15:01:57:

By law, if you live in a building of 6 or more units, you are entitled have your security placed in an interest bearing escrow account. Landlord can keep 1% of the deposit each year for his administrative expenses. You can have the the interest accumulate in the account or have the bank send you a check.

Your security deposit can be increased as your rent increases, but if that hasn't happened don't worry about paying additional security.

You are entitled to a return of your security deposit when you move out, assuming you did not cause any damage or leave an undue mess.

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