At the end of your tenancy in Minnesota, your landlord has 21 days to either return your security deposit or give you a written statement explaining why the deposit will not be returned. Here are some frequently asked questions about security deposits and their recovery:
1. What if the landlord does not provide this information within the 21 day time frame?
You’re in luck! Not only does the landlord have to return the entire original deposit plus interest, the landlord must now also pay you a penalty equal to the amount wrongfully withheld, plus interest. You will likely have to take the landlord to court, to pursue this.
2. For what reasons can my landlord keep my security deposit?
The landlord can withhold from your security deposit the amount necessary for unpaid rent, damages to the property outside normal wear and tear, or other money you may owe under the rental agreement.
3. How do I calculate the interest on my security deposit?
Interest is calculated at 1 percent per year. If you lived in an apartment for a year, and your security deposit was $1000, interest would be $10.
4. What if I disagree with my landlord’s withholdings?
Then you take your landlord to court. In court, your landlord must show he or she is entitled to the security deposit. If the Judge disagrees and feels the landlord acted in bad faith, the Judge can order the landlord to pay you not only the deposit amount plus interest but also punitive damages up to $500.
If you are having issues with your security deposit, please contact our firm for assistance. We are here to help you!