Tenants’ Security Deposits: The Law and Accounting – #26

Security Deposits can actually get very technical! Depending on your state, you might be required to:
– You may have to pay interest on each Security Deposit depending on the number of units in each of your properties.
– The interest rate is determined by your State
– You must offer several different options to pay your tenant their Security Deposits’ interest
– You are entitled to Administrative fees on the interest (watch to see what I mean)

Landlord Lessons:
– Use RentCheck, our Free Online Landlord Software, to help record your Security Deposits.
– Learn your State’s Laws regarding Security Deposits. They can get very technical!