Does anybody know the law as it applies to retained $$$ deposits and the interest earned by the landlord on that money?

I recently moved out after 5 years in a place in Marin Cty. and did not receive interest-earned on my security deposit.

Any advice? Thanks,

Steve

 

They are not required to give you anything beyond the amount you gave them.

 

yup. your landlord could've put it all on black in Vegas and won, but they'd only owe you the amount you gave initially for the deposit.

 

The SF Rent Board states that by law the interest on the security deposit is currently 1.7%. It's supposed to be a state law, but I couldn't find the law. BTW my mother-in-law always gives interest back for the security deposit minus the cleaning fees.

http://www.sfgov.org/site/rentboard_page.asp?id=3881

 

I am an apartment manager and I can probably answer any questions that you have about this.

It is correct that the only money due back to you is the amount that you gave them as the deposit. There are certain ware&tare allowances given to you depending on the length of your residence. Paint and carpet cleaning charges are usually the most expensive. The life a carpet that has been 'lived on' is 60 months. So if the carpet is more than 5 years old you cannot be charged for a replacement. Paint cost is a little subjective, but since you have lived there for so long you should not be charged for that either.

Most importantly: if there is ANY refund of deposit owed to you, the management has 21 business days to give you the money. If you don't get the owed to you within that time limit you are legally entitled to THREE TIMES the initial security deposit that you left.

Hope this helps.

If you have any questions I will be more than happy research for you.

 

It isn't state law for interest on deposits. Certain cities in California with rent control are required to pay interest. Here is a link for cities with rent control. SF and Berkeley are required for sure to pay interest on deposits.

http://scottgharrison.homestead.com/SanJoseRentC.html
http://www.caltenantlaw.com/RCcities.htm

 

Thanks guys, I kinda figured that was the case but wanted to check.