LANDLORDS: AN IMPORTANT REMINDER - ANNUAL SECURITY DEPOSIT INTEREST REFUNDS MUST BE PAID BY JANUARY 10
Attention: If the December interest refund payment is not made by January 10th, the tenant may recover interest at the rate of 10% by notifying the landlord in writing that the tenant intends to deduct the interest from a future rent payment. See Board Regulation 704.
Once a year in December, the landlord shall return to each tenant the amount of interest accrued by the tenant’s security deposit through October 31 of that year either as a rent rebate or cash payment (Regulation 702.) The interest rates for the December refund of security deposit interest can be found on our Security Deposit Interest Information and Calculator page.