security deposit refund

[Timmy Perez]

I am preparing to return a security deposit for one of my tenants How do I figure out the interest on deposit which is 1400 ?

[Kyle J.]

You probably already know this, but just in case I thought I'd point out that California state law does not require landlords to pay interest on security deposits. However, some local rent control laws do require it.

Based on your location in Culver City, I'm going to assume your rental falls within one of those areas affected by local rent control laws (i.e. Los Angeles, Santa Monica, West Hollywood, etc).

If it's in Los Angeles, for instance, here's a couple resources to help address your question:

https://lahd.lacity.org/lahdinternet/LinkClick.aspx?fileticket=2XaEifF5AJs%3D&tabid=146&language=en-US

http://lahd.lacity.org/lahdinternet/LinkClick.aspx?fileticket=MBzzzEFMzCw%3D&tabid=481&language=en-US

[Timmy Perez]

Kyle J. thanks I just checked it out and it answered my questions.

[George Paiva]

I keep my security deposits in interest bearing escrow accounts. When they move if the apartment is ok they get the whole amount if not I deduct and provide settlement charges.