Does the landlord of a single family dwelling have to pay interest on a deposit?
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Does the landlord of a single family dwelling have to pay interest on a deposit?
Asked on December 12, 2015 under Real Estate Law, Illinois
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
No, the laws in your state require interest to be paid by landlords of certain multi-family or multi-unit dwellings (e.g. many apartment buildings) but do not require it for landlords of single family homes. If it's any consolation, interest rates have been so low that the interest on, say, a $2,000 deposit would likely be so only around $5 - $7 per year...as a practical matter, it doesn't matter whether you get interest or not.
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