security Deposit and Property Managers

[Patrick Liska]

Try to make this short and to the point. I have a realtor/ Property Management co that manages my properties in Pennsylvania. recently another real estate/ property management co. bought them out and merged but kept the office as a second location for them. I have a couple of student rentals and at the end of the lease if the students leave, the security deposit goes back to them, minus any repairs. It used to be that was all done in the same month and reported on that months statement. The students left at the end of last month, this month i get billed for the repairs and i am sure next month they will supply the report and reimbursement for the security deposit ( within the 30 days). so what i believe they are doing is keeping that money in the account to make interest on it the following month, then reimbursing the account from the security deposit. ( not just my property i'm sure X 700+, they can make some money). My question is: is there any laws that prevent the property management co. from using other collected funds not allocated as the security deposit for work that was related to damage from the past tenant?

[David Krulac]

after the second year there must be interest paid, but a management fee can be charged and the interest rates are minisule, like 1/10 of 1%.  security deposit must be returned in 30 days or there can be triple damages.