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Pasadena Rent Security Deposit Interest Deadline Passes, Landlords Face Compliance Requirements

City mandated 0.41% payment on deposits held more than one year was due January 31

Published on Saturday, February 1, 2025 | 6:10 am
 

Pasadena landlords who haven’t yet paid required interest on their tenants’ security deposits are now past the January 31 deadline for the 2024 calendar year payments.

The annual interest requirement, mandated under Article XVIII, Section 1806(f) of Pasadena’s Fair and Equitable Housing Charter Amendment, applies to all security deposits held for at least one year, with the rate determined each October 1 by the Pasadena Rental Housing Board.

For the period beginning January 1, 2024, through December 31, 2024, the Board set the interest rate at 0.41%.

Under this requirement, landlords must calculate payments by multiplying the security deposit amount by 0.41% (0.0041). For example, a tenant with a $1,000 security deposit should receive $4.10 in interest.

Landlords who missed the deadline and need guidance on compliance can contact the Rent Stabilization Department at (626) 744-7999 or via email at: rentstabilization@cityofpasadena.net.

Additional assistance is available through the City Service Center, which operates Monday through Friday during business hours at (626) 744-7311.

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