Legal Question in Landlord & Tenant Law in California
Secuirty Deposit interest Los Angeles city
I've researched on the internet rules of returning security deposits to tenants, but found conflicting information. Some sites say tenants are entitled, some say landlords are required, some say different rates for different years, some say the same rate for every year, some say both security deposit AND last months rent collect interest, some sites say no, tenants are not entitled, some some tenants are only entitled if explicitly expressed in the rental agreement, etc. I live in the city of Los Angeles in an apt. bldg built before 1978, and I'd like to know if I can collect interest on my security deposit when I move out.
1 Answer from Attorneys
Re: Secuirty Deposit interest Los Angeles city
The general rule is that no interest is paid on a security deposit held by a landlord in a residential rental. See California Civil Code � 1950.5. That being said, review your lease first to see if it provides for anything different. Second, there is a form of rent control in Los Angeles, so you need to review the LA Municipal Code as it relates to rentals. I am not in LA County, so I cannot tell you off the top of my head if there is a provision in there for security deposit interest. Call the LA Housing Department and as them - they can give you an answer as to whether the general rule of law that no interest is to be paid is modified by LA City law.
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