Security Deposit Interest Calculator
Calculate how much interest your landlord owes you on your security deposit
Did You Know? Some States Require Interest on Deposits
In New York and Florida, landlords may be required to pay you interest on your security deposit. If they didn't, you may be owed additional money. Use this calculator to find out how much.
Calculate Your Deposit Interest
New York Interest Rules
Legal Basis
NY General Obligations Law § 7-103
Who Qualifies
6 or more units
Interest Rate
Prevailing rate set by NY Banking Dept
The rate is set annually by the NY Banking Department. As of 2024, the rate is approximately 0.5-2% depending on federal rates.
Requirements
- ✓Building must have 6 or more residential units
- ✓Interest must be paid annually or credited to rent
- ✓Landlord may deduct 1% administrative fee
- ✓Interest belongs to tenant, not landlord
Exceptions
- •Buildings with fewer than 6 units
- •Owner-occupied buildings with 2-4 units
- •Deposits held by licensed real estate brokers
Frequently Asked Questions
What if my landlord didn't pay me interest?
If your landlord was required to pay interest but didn't, you can include this amount in your demand letter. The unpaid interest is additional money they owe you beyond your deposit.
How do I know the correct interest rate?
New York's rate is set by the Banking Department and changes annually. Check their website for the rate that was in effect during your tenancy.
Can I add interest to my small claims case?
Yes! If your landlord was required to pay interest but didn't, you can add this to your claim. Make sure to show your calculation and cite the relevant statute.