Ct Rental Security Deposit Laws & Calculator.
In Connecticut Landlords cannot require more than two months’ rent as security deposit. The limit is reduced to one month’s rent if the tenant is 62 years of age or older. The security deposit must be kept in an escrow account in a Connecticut bank. On the security deposit Landlords must pay tenants interest that is determined and published by the Connecticut Banking Commissioner. For 2014 the rental security deposit interest rate is 0.09%.
The state of Connecticut provides an easy to use Excel Worksheet to determine the interest that is owed on rental security deposits. The years and interest rates are all plugged in, just put in the number of deposit amount$ and days, months for each year and it will automatically figure out what is owed.
For more information and FAQ’s about Connecticut Rental Security Deposits go to Connecticut Department of Banking webpage:-
http://www.ct.gov/dob/cwp/view.asp?a=2247&q=299050
And for more detailed information your can review Section 47a-21 of the Connecticut general statutes.
This article has been written by David Popoff.
David has lived and worked in lower Fairfield County for over 35 years with 20+ years’ experience in real estate investments and property management. He is a licensed real estate broker in Connecticut at DMK Real Estate llc in Darien, Ct.
Assisting Home Buyers & Sellers with step by step guidance in Fairfield County, Connecticut contact DMK Real Estate, Darien, Ct.
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