In the state of Connecticut actually a landlord may hold the equivalent of two months rent Which can be either "a last months rent plus security" or simply a "security deposit" which is larger equivalent to two months rent. Any security deposit held must be held in a designated account that is an interest-bearing account. Don't get too excited, the new required interest rate is a measly .011%. The security deposit plus interest is then paid back to the tenant upon vacancy IF After an inspection of the premises is satisfactory In terms of the contract/lease. The landlord has a maximum of 30 days, from the date you vacate the premises, to return the security deposit with interest to you. If I am representing the landlord I almost always suggest that these funds be called security deposit. Another interesting fact is that the language of a Connecticut lease documents typically includes verbiage that says the security deposit is not to be considered or used as rent money. Therefore if a tenant did not pay their last months rent in theory the security deposit money would not be legally applied to that last months rent. Likewise tenant cannot call the landlord on their last month of tenancy and request that the securoty deposit be applied towards the last months rent and Iskip sending the rent check. Security deposit money is specifically earmarked only for damages caused to the dwelling by either neglect, negligence or misuse. But no matter how you slice it, when you enter into a new lease you have to come up with first months rent plus the equivalent of the other two months of rent (Whether you call that other equivalent of two months rent a security deposit or security deposit plus last months rent). I I hope this is helpful!
Feel free to call me anytime.
Realtor Lisa Jones 203 â€“ 218-6664