Security Deposite (rent, how much, home)

[bern83]

I will be moving from my current location soon. I have lived here for more than 20 years. This landlord lives in this 3 family home also. I would like to know how to calculate an estimate of the security return. Will the security return be calculated differently because the landlord lives at the location.

[manderly6]

There is no way to "calculate" how much you will get back. It is based on how much damage there is.

[bern83]

There is no damage, only aging. Don't I get interest on my initial deposite?

[Informed Info]

Originally Posted by bern83

There is no damage, only aging. Don't I get interest on my initial deposite?

You'll get your deposit plus interest (which won't be as much as you'd expect after 20 years) back... minus any damage (that is not wear and tear, and after 20 years....if nothing has been replaced, you should be good to go). Leave the place clean so your landlord has nothing to complain about.

I'd love to have a 20 year tenant. You could move out and I'd be thanking you for paying me rent for 20 years, no matter what.

Good luck to you, I hope it works out for you!

[bern83]

Thanks

[bern83]

Thanks for info

[ocnjgirl]

Here's an online compounding interest calculator. Compound Interest Calculator If your original deposit was $1000 and you got 2% interest (which is actually high for savings and it's probably much less) you would have about $485 in interest after 20 years. Do you get statements for your money or know what bank it's in?

[Retriever]

What others have stated regarding interest is accurate, but I have to point out another detail that is...potentially troubling.
Under NJ law, your landlord was supposed to deposit that security payment in a special bank account, and you were supposed to have received an annual statement from that bank, confirming the amount on deposit, including interest.

If the OP has not been receiving these annual bank statements, it is possible that the landlord is going to try to pull a stunt by returning only the original amount, without interest. Hopefully, that scenario will not happen, but when a landlord does not follow long-established legal requirements, anything is possible, I suppose.

[boater1]

I am no lawyer, but my understanding is that you are suppose to get a check every year with the interest.

The landlord should have put the security into a spaecial acct but I don't think that acct "must" be an interest bearing acct, but if it is, the interest should be given to you every year.

usually the security is 4-6 weeks rent.
and should go up as your rent went up every year.
Did it?

so if 20 years ago, your rent was $500/month
security would be $750 (all interest, if any, shoudl have been given to you yearly)
If now rent is $1000/month
your security balance should be $1500 (minus claimed damages)

Now, the landlard if a bastard might try to claim, he must re-paint, nicks in wall. new carpeting, try to get from your deposit.

If he hasn't followed the rent laws, use that as leverage to fight any nickle and dime damage claims. You can report him.