Security deposits in the state of Connecticut.

By
Real Estate Broker/Owner with DMK Real Estate Ct RE Broker 0789963

Security deposits in the state of Connecticut.Security Deposit Ct.

According to Sections 3-70a(e), 16-262j(d0, 47a-21(i)(2) and 49-2a of the Connecticut General Statutes, the interest rate to be paid on tenant security deposits is 1.5% for the period commencing January 1, 2011 and ending December 31 2011.

Even though a landlord does not earn 1.5% on the security deposit money he deposits in his tenant's escrow accounts, he is still required to pay 1.5% interest on the security deposit money to the tenant at the end of each year's lease and at termination of the tenancy.

The landlord may only accept one month's worth of a security deposit if the tenant is over 62, otherwise in all other cases a landlord may only accept two month's worth of a security deposit (this also includes pet deposits). By law the landlord may not commingle the security deposit funds with personal funds.

Security deposits need to be returned within thirty days of the tenant furnishing a forwarding address or the date the tenant moves out of the apartment, whichever is longer. The landlord must furnish the tenant with a statement stating amounts retained and enclose a check for the balance of the security deposit plus interest.

For more information you can go to the Connecticut Government website click here.

 

David Popoff is a license Realtor in Connecticut with William Raveis office in Darien

An accredited LEED Green Associate (LEED GA) by the United States Green Build Council (USGBC) and a Certified Green Professional (CGP) of National Association of Home Builders (NAHB).

  • Member of the Connecticut Association of Realtors, CAR.
  • Member of the National Association of Realtors, NAR.
  • Member of the Connecticut chapter (CTGBC).  
  • Associate member of the HBRA-Fairfield County, Ct. .
  • Contact David Popoff for all your real estate needs in Darien, New Canaan, Rowayton and other parts of Connecticut.

 

 

Posted by

David Popoff
Connecticut Licensed Real Estate Broker
Realtor® Green
Seller Representative Specialist
Accredited Buyer Representative
candidate
LEED AP Homes

 

DMK Real Estate, Darien, CT.
Cell (203) 228-0646
DMKrealestate.com

 

 

 

DMK Realty, 06820 

 

 

 

 

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Ambassador
838,050
Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com

David that seem a little unreasonable to pay interest on money not earned. I am glad I don't have to deal with that one. 

Jan 13, 2011 09:02 AM #1
Rainmaker
756,187
David Popoff
DMK Real Estate - Darien, CT
Realtor®,SRS, Green ~ Fairfield County, Ct

Frank you are so right, but it is the state law, believe you me I have looked into many a times, just part of the price of doing business.

Jan 13, 2011 09:58 AM #2
Rainmaker
514,107
The Scott Loper Team Bux-Mont Premier Properties
Keller Williams Real Estate - Montgomeryville - Lansdale, PA

Hi David,

That is unbelievable.  Maybe the state should require the banks to pay 1.5% interest on all the money their customers deposit.

Lisa

Jan 14, 2011 12:13 AM #3
Ambassador
578,347
Larry Lawfer
YourStories Realty Group - Newton, MA
"I listen for a living." It's all about you.

David, as was stated above this does seem a bit unfair.  Thank you for bringing this point up, I will check our laws here in MA.

Jan 14, 2011 12:23 AM #4
Rainmaker
188,396
Christina ONeal
At Home Real Estate Group - Ripon, CA
Realtor - Ripon California

David...  I like that there are rules like this.  It's always good to know the laws.  I do find it interesting that if you are over 62 you can't pay a deposit more than one month.

Jan 14, 2011 01:44 AM #5
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Rainmaker
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David Popoff

Realtor®,SRS, Green ~ Fairfield County, Ct
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