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Question about getting money back when you are finished renting an apartment...

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beautyq115
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Member since 5/05

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Question about getting money back when you are finished renting an apartment...

When we got our apartment we put last months payment down..do we get interest on that money??

Posted 11/20/07 5:26 PM
 
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JennZ
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Re: Question about getting money back when you are finished renting an apartment...

nope.

Posted 11/20/07 5:29 PM
 

Kara
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Re: Question about getting money back when you are finished renting an apartment...

Never heard of anyone getting interest on that - or on a security deposit before.

Posted 11/20/07 6:54 PM
 

MrsS2005
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B

Re: Question about getting money back when you are finished renting an apartment...

Posted by Kara

Never heard of anyone getting interest on that - or on a security deposit before.


In CT, the landlord is required to give the tenant the interest on the security deposit. I'm not sure what the law is in NY though. I doubt there's any requirement about paying interest on last month's rent.

Posted 11/20/07 7:10 PM
 

MrsFlatbread
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Member since 6/06

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Baby Momma

Re: Question about getting money back when you are finished renting an apartment...

we got interest during the year on our security deposits. we rented in a complex though, it may be different for a private renting situation

Posted 11/20/07 7:22 PM
 

Reese32
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Member since 7/07

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Re: Question about getting money back when you are finished renting an apartment...

Every year we get a statement on the interest accrued on our security deposit, and we're supposed to declare the whopping EIGHT DOLLARS or so as income. So, yes, when you leave, you should get the deposit, plus the interest it's accrued back. BTW, I'm in NYC, not sure if it's a state or city thing.

ETA: We're also in a building complex.

Message edited 11/20/2007 9:49:48 PM.

Posted 11/20/07 9:22 PM
 

tann22
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Re: Question about getting money back when you are finished renting an apartment...

Posted by MrsFlatbread

we got interest during the year on our security deposits. we rented in a complex though, it may be different for a private renting situation



Same with me. We also rented in a complex.

Posted 11/20/07 9:24 PM
 

FullersBride
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Member since 4/07

132 total posts

Name:
Maria

Re: Question about getting money back when you are finished renting an apartment...

Legally, in NY, the security deposit is suppose to be held in an interest bearing account and you are suppose to receive the interest on it yearly. DH and I have rented in the past both privately and in a complex. We never received the interest $$ privately, but we received like $8/year when renting from the complex. Most private renters don't do this because no one enforces them to do it. I mean for $8 a year would you even argue it???

You can try and mention it to your landloards but I'm not sure if it's worth the arguement.

Posted 11/20/07 10:08 PM
 

Mrs-D-Girl
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Re: Question about getting money back when you are finished renting an apartment...

I never got interest on my security deposit, I actually used that as my last months rent.

In the big scheme of things, I can't see it being enough $$ to really worry about it

Posted 11/21/07 8:10 AM
 

ali120206
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Re: Question about getting money back when you are finished renting an apartment...

I received interest on my security deposit annually on both apartments I had rented. Both of them were in complexes though.

The amount of money received was pretty nominal - the interest rate was comparable to a normal savings account.

Posted 11/21/07 8:30 AM
 

cjik
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Re: Question about getting money back when you are finished renting an apartment...

I think legally you are supposed to get that at least in NYC, but I never have received it, and I never found it worth fighting about. It's not much money, and I was always happy to get the security back without too much of a fight.

Posted 11/21/07 8:35 AM
 

PotofLuck06
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Member since 11/06

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Betsy

Re: Question about getting money back when you are finished renting an apartment...

Depends. Our apt complex put our deposit in a mney making acct, so when we left, we got our deposit plus interest on the it. It was only an extra $25 or something, but every bit helps.

Posted 11/21/07 8:53 AM
 

sunnyplus3
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Re: Question about getting money back when you are finished renting an apartment...

I never rented from a complex, only private landlords. My last rental my landlord agreed to let me live out my security. I was there for years & he knew the place was immaculate & better than when I got there.

Posted 11/21/07 9:29 AM
 

Beth
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Beth

Re: Question about getting money back when you are finished renting an apartment...

I think I made $12 on 2 months rent (my sercurity) I never paid last month's rent- so I wouldn't know about that

Posted 11/21/07 10:22 AM
 

Kara
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Member since 3/07

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They call me "Tater Salad"

Re: Question about getting money back when you are finished renting an apartment...

Posted by FullersBride

Legally, in NY, the security deposit is suppose to be held in an interest bearing account and you are suppose to receive the interest on it yearly. DH and I have rented in the past both privately and in a complex. We never received the interest $$ privately, but we received like $8/year when renting from the complex. Most private renters don't do this because no one enforces them to do it. I mean for $8 a year would you even argue it???

You can try and mention it to your landloards but I'm not sure if it's worth the arguement.



Interesting, I didn't know that.

We never got any interest on ours -- then again, we used it as last month's rent ultimately. And when we moved out before the end of the month, our LL's gave us a pro rated refund that they didnt' have to give us. They were more than generous!

And I wouldn't argue for my $8 or 10.

Posted 11/21/07 11:17 AM
 

bikramaddict
mommy-to-be

Member since 8/06

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Re: Question about getting money back when you are finished renting an apartment...

i rented in a complex and did not get interest on my returned security.

Posted 11/21/07 1:40 PM
 

saraH
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Member since 5/05

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I know that God exsists, I held her in my arms...

Re: Question about getting money back when you are finished renting an apartment...

we rented in a private house, so no we didn't get any interest on the last payment.

Posted 11/21/07 2:56 PM
 

bigtrux707
LIF Infant

Member since 9/07

217 total posts

Name:
Raymond J. Jr.

Re: Question about getting money back when you are finished renting an apartment...

K- any questions regarding renting you can check at the NYS Attorney General website. By law a landlord is required to put the deposit money in a interest bearing account. Most private landlords do not, no big deal but it is also reasonable to use the deposit for the last months rent.
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Posted 11/22/07 4:55 AM
 
 

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