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Do landlords have to pay interest on security deposits in Pennsylvania, and when is it due?
Short answer
Pay deposit interest annually on lease anniversary starting after the 2nd anniversary
Payment timing: Each year on the lease anniversary, starting after the 2nd anniversary
Once a deposit has been held two years, it must earn interest; the landlord keeps 1% per year and pays the rest to the tenant annually on the lease anniversary.
"will be paid to said tenant annually upon the anniversary date of the commencement of his lease." palegis.us
"The provisions of this section shall apply only after the second anniversary of the deposit of escrow funds." palegis.us
Pay deposit interest annually on lease anniversary starting after the 2nd anniversary Verified
Deadline: Each year on the lease anniversary, starting after the 2nd anniversary
Once a deposit has been held two years, it must earn interest; the landlord keeps 1% per year and pays the rest to the tenant annually on the lease anniversary.