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Security deposit interest rate change, effective January 1, 2024

Description

Landlords can require a security deposit, sometimes referred to as a damage deposit, from their tenants when they move into rental premises. Since January 1, 2009, the interest rate on security... More ≫

Description

Landlords can require a security deposit, sometimes referred to as a damage deposit, from their tenants when they move into rental premises. Since January 1, 2009, the interest rate on security deposits has been zero percent. Effective January 1, 2024 to December 31, 2024 the interest rate payable on security deposits is 1.6 percent, under the Residential Tenancies Act and Mobile Home Sites Tenancies Act.

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