Q: My landlord didn’t put my security deposit in a trust or interest bearing account. My lease is expiring this month.
I already paid my last month rent. Can I ask the landlord to return my deposit with 7% interest per annum ?
A: In New Jersey, landlords are generally required to place security deposits in an interest-bearing account or trust. The law typically mandates that the interest earned be either returned to the tenant annually or deducted from the rent, depending on the terms of the lease. If your landlord did not comply with these requirements, you may have a legal basis to request the return of your security deposit along with the interest that should have been accrued. The rate of interest is generally dictated by state law, and it may or may not be 7% per annum. You can formally request the return of your deposit with interest by sending a written notice to your landlord. Failure to comply with security deposit laws can result in penalties for the landlord. For personalized legal advice tailored to your unique circumstances, it's advisable to consult with an attorney.
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