Once you submit your security deposit, you will receive a receipt containing the building owner’s name, the date you submitted it and a description of your unit for signature. Your security deposit will be deposited in a federally insured interest-bearing bank account. This information will be provided in your rental agreement. Interest will be accrued annually at a rate set by the City Comptroller.

When you move out the unit, you will receive an itemized statement of damages – if applicable – to the unit that will be paid for with your security deposit. Your security deposit and required interest will be returned to you within 45 days of vacating the unit.