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Re: Interest on Security Deposit

Posted by Ace on May 03, 2001 at 08:55:30:

In Reply to: Interest on Security Deposit posted by Nick on May 02, 2001 at 15:04:05:

Honey Bee neglected to note that the interest that comes from the LL putting the security deposit money to rest in an account is to be passed on to the tenant. There is a 1% that goes to the LL for administrative purposes (what, an envelope and stamp, I wonder how much energy and pain and money that takes).

I'm not sure about market rate apartments so I can't assume and tell you that yeah, you'll get the deposit. I do know that for rent stabilized apartments, the deposit's interest is to be given back to the tenant or applied back to the security in anticipation for when the lease is renewed and the rent goes up.

: I'm sure this question has been answered in the past, but thank in advance

: Are landlords *required* to pay interest on security deposits of tenants?

: Does this requirement, if any, differ between free market and stabilized apartments in NYC?

: Is their a standard interest rate used or is their an annual rate published by a housing organization?

: Thanks.

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