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Rules on security deposit interest

January 05, 2003

Los Angeles has revised its rules on the interest that owners of rent-controlled housing are required pay on security deposits. A landlord is not required to pay interest on deposits for Jan. 1 through Dec. 31, 2002. For 2003, an owner will pay interest based on either a 1% rate or the actual amount of interest earned.

The changes were made in response to a city attorney recommendation.

An appellate court recently upheld a ruling in a Santa Monica case that held landlords there were having to pay more interest on the deposits than they were earning.

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