Queens, NY asked in Landlord - Tenant for New York

Q: my current rent fee is now $2100 . 20+ years ago i paid deposit of $1100 so i wanted to use that as my last pay of rent.

does my security deposit $1100 20 years ago could incur interest. Can i use it as my last month rent without paying difference from the $2100 rent now.

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1 Lawyer Answer
Elaine Shay
Elaine Shay
  • Landlord Tenant Lawyer
  • New York, NY
  • Licensed in New York

A: The security deposit is used to compensate a landlord for possible damage to an apartment by a tenant and is not intended to be used for the last month's rent. Landlord's are not generally required to keep security deposits in an interest bearing account. If they due, a landlord is entitled to deduct a 1% administrative fee each year so with today's low interest rates a tenant could still receive nothing.

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