The rate of interest owed on deposits for the period March 1, 2023 through February 29, 2024 is 2.3%.
The rate of interest owed on deposits for the period March 1, 2022 through February 28, 2023 is 0.1%.
Pursuant to San Francisco Administrative Code, Chapter 49.2, the Rent Board calculates the interest rate according to the annual average of the 90-Day AA Financial Commercial Paper Interest Rate (rounded to the nearest tenth) for the immediately preceding calendar year as published by the Federal Reserve.
The new rate is published annually by the Rent Board in early January for the one-year period beginning March 1st.
Read this article to learn more about security deposits.
Here's a list of interest rates for security deposits since September 1983. This list is also available at our office.