My rights regarding interest on my security deposit?

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Topic: My rights regarding interest on my security deposit?

General Discussion July 26, 2013 at 11:51 am

My rights regarding interest on my security deposit?

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I’m hoping someone knows more about this than I do – I rent an apartment in a row house in DC and from what I understand, DC tenants are able to be returned their security deposit with interest within 45 days of their departure from their apartment (assuming no damage is found, etc.)

As I’m preparing to move out, I realized that I signed the lease nearly two years ago and it says that in there that the security deposit will be returned to the tenant without interest.

Did I sign away my right to collect this interest? Is this legal? Obviously I signed and it’s my own fault if that happened, but I want to make sure that it’s within their right to have that in the terms of the lease agreement.

Thank you!

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That section of the lease violates the law, so I would assume it’s unenforceable. I would call the Tenant Advocate on this one.

I’d also be curious to know if it matters the term of the original lease–a security deposit must be deposited into an interest bearing account for leases that are a year long, but what about (for instance) a six month lease that gets renewed for 1+ years.

I left a message with the Tenant Advocate, so hopefully they respond.

DC Law trumps whatever the lease says, so you’re entitled to the interest of a typical “Statement Savings” account. That’s about .01% annual interest. I know someone who recently returned a security deposit for a 3-year tenant, and the total interest due was 65 cents.

As mentioned, the interest rate is so low that it is hardly worth the worry.

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