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Saturday, 07 June 2014 01:40

Is it true that I have to pay interest on my security deposit?

Question: Is it true that I have to pay interest on my security deposit for the City of Los Angeles? If that is true, what is the amount I have to pay?

 

Answer: For rent control units in the City of Los Angeles, interest needs to be paid on a yearly basis for any security deposit being held. The amount of interest this year is 0.15%. It should be noted that landlords can charge their tenants $3.61 per month for reimbursement fees relating to the Systematic Code Enforcement Program. A notice regarding this fee must be sent to the tenant each year.

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Last modified on Saturday, 07 June 2014 01:43