I have been trying to figure out the answer to this question for a couple of days now. Does a tenant receive, upon expiration of their lease, the deposit they paid including the interest accrued.

The Rental Housing act of 1999 clearly states that you as a landlord must invest the deposit in an interest bearing account and the tenant is entitled to that interest upon the expiration of their lease. The tenant is also allowed to request written proof from the landlord of the interest being accrued upon request at any time during the term of the lease.

However if you are a tenant renting from a registered estate agent it would appear you are not entitled to the interest accrued, unless otherwise stated in your lease agreement. Regulations regarding this are contained in the Estate Agency Affairs Act, 1976. But this conclusion is apparently also open to interpretation and others maintain that it does allow for the tenant to receive the interest accrued just as they would from a normal landlord.

The deposit and any interest accrued are of course still there to be used by the landlord to be used to repair any damage that the tenant is responsible for. Any monies remaining of the deposit must be paid to the tenant not later than 14 days after returning the premises to the landlord.

If the tenant is not responsible for any damage the landlord must then pay back the full deposit and interest within 7 days of the expiration of the lease.

The Rental Housing Act of 1999 is easily accessible online in pdf form and was the source of my information. Remember to get any legal advice from qualified people.

*Any readers out there who wish to comment on the apparent confusion regarding estate agents and the interest accrued on a deposit please feel free to offer your insights.