Interest on Security Deposit of a Rental Home

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katnok
Posts: 171
Joined: Fri Nov 11, 2011 8:36 pm

Interest on Security Deposit of a Rental Home

Post by katnok »

We rented a town home through a property management company a little over 3 yrs ago. At the time of signing the lease, we paid one months rent ( about $1000) as security deposit.
After 3 yrs of renting, we moved to a different town home. The reason for this move is, we returned signed lease agreement for 4th yr the next day after the due date, which fell on a Sunday (June 30th). The property manager wanted us to either pay more rent/mo or move. We chose to move. The interesting thing is for the 2nd yr of our lease, we did not even have a signed lease agreement. The landlord asked us via email if we wanted to stay for another yr, to which we replied yes, and that was it.

We just received part (1/3rd) of security deposit back, but we never received any kind of communication about where our security deposit was held and how much interest it earned. We live in PA, and I read the law that requires the landlords to put the security deposit in an escrow acc or a bond and provide those details to the tenant, and also provide the tenant with interest from 25th month of the lease. The law also states that the landlord could subtract 1% towards acc management.

Now, my questions are:

1. Is it the landlord or the property manager that is responsible for taking care of the security deposit as required by the law, and
2. Is there something that we can do legally and hold the landlord or the property manager responsible for not providing the details about our security deposit? If there is something we can do,what is the likely outcome?
gerrym51
Posts: 1679
Joined: Sat Apr 27, 2013 1:44 pm

Re: Interest on Security Deposit of a Rental Home

Post by gerrym51 »

this is just me. ask about it but if resisted i would not spend money to get it. I would report it to state attorney general.
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