Attention tenants and landlords! As of January 1st, significant changes have been made to how security deposits are handled.
Landlords are now required to pay interest on security deposits, meaning tenants will earn interest on their deposits.
Under the new regulations, tenants can expect to earn 1.6% interest on their security deposit. While this may seem like a small change, it’s an important step towards fairer practices in rental agreements.
Certain exemptions apply, such as specific rental agreements or arrangements agreed upon in writing by both parties.
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