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A landlord may request that a tenant pay a security deposit at the beginning of a tenancy. The security deposit is intended to compensate a landlord for:
A security deposit cannot be more than half a month's rent and a landlord cannot ask for an extra deposit if the rent is increased.
At the end of a tenancy, a landlord must return a tenant's security deposit with interest, minus any deductions. Security deposit interest is calculated based on interest rates found in the following table:
1 Jan, 2013
|1 Jan, 1995||
31 Dec, 2012
|1 Jan, 1992||31 Dec, 1994||3%|
|1 Jan, 1985||31 Dec, 1991||7%|
|1 Jul, 1982||31 Dec, 1984||12%|
1 Jul, 1982