Security Deposit Question- Anniversary Date

ReLISTO will start publishing  the questions we receive from Landlords and Residents. Today question was in regards to calculating the various interest rates one may have over a course of one year.

Question:
The interest rate in effect in June 2017 was 0.6%, this rate changed effective March 1st 2018 to 1.2%. Therefore if a tenant moved in June 1st 2017 you should calculate 9 months at the 0.6% rate and 3 months at the 1.2% rate which began on March 1st 2018.

Your calculation table shows the interest rate all calculated at the 1.2% rate which is surely incorrect…?
ReLISTO Response: 

Thank you for your questions regarding the calculation of security deposit interest using the ReLISTO calculator.  ReLISTO spent a considerable amount of time  speaking with the various experts including the SF Rent Board when developing the calculator and we covered this situation extensively.  In addition,  the answer can be found below in  The San Francisco Administrative Code Sec 49.2(g) PAYMENT OF INTEREST ON SECURITY DEPOSITS.

“The interest rate payable each year under this Chapter shall be the interest rate in effect on the tenant’s immediately preceding annual rental anniversary date for each applicable year and/or the date that the tenant vacates the unit.”

The SF Rental calculator will therefore calculate the interest once a year, based on the Anniversary date as stipulated in the Administrative Code.  The only exception to this annual calculation is when the tenant vacates the Premises at which time they are due a prorated interest. The San Francisco Rental Calculator will also calculate this mount when the user selects the box “tenant vacating”

 

ReLISTO Calculators- Website Status

6/10/2017- Due to the great work of our dev team, calculator is back online and working great. Use our calculators to check the amount of interest due on security deposits, rent board fees and allowable rent increases. http://relistodev.wpengine.com/calculators/

Our new website will be a work in progress over the next week as we ensure content, flow and functionality have all been properly transferred.

 

Thank you

Eric Baird- President

6/9/2017- Users may be experiencing difficulties in reaching our calculators on both relisto.com and our many partner websites. We are working on this matter and will update when fixed. Thank you for your patience.

 

 

San Francisco Security Deposit Interest Rates

The Current San Francisco Security Deposit Interest is 0.2% for March 2016- February 2017:

The Current San Francisco Security Deposit Interest is 0.2% for March 2016- February 2017:

The ReLISTO Security Deposit Interest Calculator SF Rental Calculator is for San Francisco landlords and tenants to easily determine the amount of security rent board fees and allowable rent due. Save, email or print results. Summarized below are the interest rates for prior years as well as rules and details of the ordinance.
San Francisco Security Deposit Interest Rates 1983-2017

Date Range Interest Interest Calculator
March 1, 2016- February 28, 2017 0.2% Calculate
March 1, 2015- February 29, 2016 0.1% Calculate
March 1, 2014- February 28, 2015 0.3% Calculate
March 1, 2013- February 28, 2014 0.4% Calculate
March 1, 2012- February 28, 2013 0.4% Calculate
March 1, 2011- February 28, 2012 0.4% Calculate
March 1, 2010- February 28, 2011 0.9% Calculate
March 1, 2009- February 28, 2010 3.1% Calculate
March 1, 2008- February 28, 2009 5.2% Calculate
March 1, 2007- February 29, 2008 5.2% Calculate
March 1, 2006- February 28, 2007 3.7% Calculate
March 1, 2005- February 28, 2006 1.7% Calculate
March 1, 2004- February 28, 2005 1.2% Calculate
March 1, 2003- February 29, 2004 1.2% Calculate
August 4, 2002- February 28, 2003 3.4% Calculate
September 1, 2001- August 03, 2002 5.0% Calculate
September 1, 2000- August 31, 2001 5.0% Calculate
September 1, 1999- August 31, 2000 5.0% Calculate
September 1, 1998- August 31, 1999 5.0% Calculate
September 1, 1997- August 31, 1998 5.0% Calculate
September 1, 1996- August 31, 1997 5.0% Calculate
September 1, 1995- August 31, 1996 5.0% Calculate
September 1, 1994- August 31, 1995 5.0% Calculate
September 1, 1993- August 31, 1994 5.0% Calculate
September 1, 1992- August 31, 1993 5.0% Calculate
September 1, 1991- August 31, 1992 5.0% Calculate
September 1, 1990- August 31, 1991 5.0% Calculate
September 1, 1989- August 31, 1990 5.0% Calculate
September 1, 1988- August 31, 1989 5.0% Calculate
September 1, 1987- August 31, 1988 5.0% Calculate
September 1, 1986- August 31, 1987 5.0% Calculate
September 1,1985- August 31, 1986 5.0% Calculate
September 1, 1984- August 31, 1985 5.0% Calculate
September 1, 1983- August 31, 1984 5.0% Calculate

The San Francisco Administrative Code requires landlords to pay interest on security deposits held over one year on residential property. Interest payments apply to all residential rental units in San Francisco except for government subsidized properties.

Interest is  payable on the  tenant’s “annual due date”. If the tenant vacates before one full year of occupancy, no interest is due. Where a tenant vacates after one year of occupancy but before the next annual due date, the interest payment for the partial year period must be pro-rated and calculated using the interest rate in effect on the date the tenant vacates. Generally, the tenant is owed simple interest on their annual due date at the rate in effect when the security deposit interest payment is due.  Pursuant to Chapter 49, if interest is owed for multiple years, the interest may not be compounded.

The landlord has the option of paying the security deposit interest to the tenant in the form of either a direct payment or a credit against the tenant’s rent. For units that are covered by the Rent Ordinance and subject to the annual Rent Board fee, Section 37A.6 of the San Francisco Administrative Code allows the landlord to deduct 50% of the annual Rent Board fee from the security deposit interest payment due to the tenant each year.

Security Deposit interest must be paid within two weeks of the date the tenant vacates. However, subject to the limitations and requirements set forth in Section 1950.5(e) of the California Civil Code, a landlord may retain a portion of the unpaid accrued interest where the amount of the security deposit alone is insufficient to cover unpaid rent, repair of damages to the premises caused by the tenant, or necessary cleaning of the premises.

Generally, disputes concerning security deposits or security deposit interest issues are decided in Small Claims Court. The Rent Board does not have jurisdiction over these disputes and the Rent Board staff cannot give legal advice concerning these issues. Please consult an attorney or appropriate agency for specific advice.

Visit the San Francisco Rent Board for Most Current Information

Beta Version Online Calculator from ReLISTO Gives SF Landlords Easy, Accurate Refund Amounts @ReLISTO

San Francisco Interest and Rent Board Fee Calculator

                                                                         PRESS RELEASE

For Release:      Immediate                                      
Contact:    Eric Baird, ReLISTO                                 
(415) 236-6116 x101
 

Beta Version Online Calculator from ReLISTO Gives SF Landlords

Easy, Accurate Refund Amounts

 

San Francisco Bay Area residential leasing brokerage ReLISTO has launched a free online calculator for the local real estate rental industry. Now San Francisco  landlords and tenants can easily determine the interest on security deposits owed tenants and the reimbursement for annual Residential Rent Stabilization and Arbitration Board  fees owed landlords. The calculator, currently in its beta version, is the first of several technological solutions coming in the year ahead from ReLISTO. The launch was announced to coincide with Real Estate Connect® 2011 San Francisco, held July 27-29, 2011.

To make some very complicated math easy, provide an accurate number almost instantly, and reduce disputes with vacating tenants, the San Francisco Bay Area residential leasing brokerage ReLISTO has launched a beta version calculator on its website for area landlords. The SF Interest and Rent Board Fee Calculator is the first of several pioneering technological services for the rental housing industry that ReLISTO will be releasing this year to complement their professional leasing services while providing landlords a variety of management solutions and operational efficiencies.

San Francisco landlords are required to pay interest on security deposits as well as seek reimbursement for annual rent board fees.  These two different and quite complex computations can be a cause of significant deliberations and disputes between tenants and landlords. The beta version SF Interest and Rent Board Fee Calculator allows each party to easily run the complex calculus for free, in only moments, online, thereby helping foster better relations between landlords and tenants.  All that is required is for the user to enter a start and end date along with the initial principle. The ReLISTO calculator will then provide an amount due to either the landlord or tenant by factoring in multiple variables such as the changing interest rates and various rent board fees over the entire term or tenancy. By generating a precise figure with minimal effort, landlords can now easily manage this required step for each of their rental properties.

“Our free calculator is only the first example of ongoing releases by ReLISTO of several technological solutions in leasing and management that will help the entire real estate leasing industry, especially landlords,” said Jackie Tom, Managing Broker of ReLISTO.  ”We are excited that the first of our new tools has gone live in time for Real Estate Connect, since the focus of the conference mirrors our drive to give landlords management tools built on advanced technology.”

“The idea began after many of our clients sought assistance with calculating rent board reimbursement and interest. It’s a very complex process involving amounts, rates, and the exact periods of the lease, and must be completed within a very short time to meet legal requirements. We also found that many landlords did not realize the city’s rent board fee is something that can go on their side of the ledger which could reduce the amount they need to pay. Our free online calculator provides a comprehensive solution.”

 

The free online calculator to help San Francisco landlords determine security deposit interest refunds and the rental board fee reimbursement is now operational at http://relisto.com.

The debut of the beta version online SF interest and Rent Board Fee Calculator for landlords was announced to coincide with Real Estate Connect® 2011 San Francisco, a conference “Where real estate and technology connect,” produced by Inman News. It is an appropriate occasion for the announcement, as the name ReLISTO is an acronym for “Real Estate Leasing Innovations, Services and Tools Online” which reflects the firm’s commitment to utilizing advanced technology to improve clients’ ROI.

ReLISTO is a professional residential leasing agency providing leasing and management solutions to the San Francisco Bay Area including property tours and relocation, property management tools, as well as services for landlords and properties ranging from single apartments and single-family homes to large multi-unit buildings. As a software provider, ReLISTO is committed to create or utilize the most advanced technology assisting  clients to  efficiently manage their property while providing the services to manage the most critical and time-consuming phase of the tenancy cycle and  find and sign qualified tenants in the shortest possible time using highly trained leasing agents utilizing the most advanced marketing, productivity and communication tools available.

ReLISTO Managing Broker Jackie Tom has been recognized by the San Francisco Apartment Association as its 2009 Leasing Agent of The Year and 2010 Independent Owner of The Year. Founded on a core of individuals with considerable personal experience as rental owners and managers themselves, and with strong community and industry affiliations, it is also uniquely qualified to serve as a consultant on a wide range of compliance issues throughout the San Francisco, Peninsula and East Bay areas.

ReLISTO is located at 1318 Hayes Street, San Francisco, California, 94117. For more information call (415) 236-6116, email service@relisto.com or visit http://relisto.com.

 

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ReLISTO – Imfuna Case Study

Challenge..ReLISTO wanted to increase business efficiencies, increase revenue and find a way to create binding property reports for building managers in the rental market.

Solution..Imfuna Rent, a free property inspection and reporting system, and Imfuna Let, property inspection and reporting system for the U.K. Imfuna empowers the commercial real estate industry with an easy-to-use mobile platform to capture, store and share critical inspection and audit data.

Results..Imfuna Let enabled ReLISTO to reduce the time spent producing a report drastically to just 30 minutes onsite, reducing the need for extensive office administration and hard drive storage needs. The mobile application expanded ReLISTO’s business and revenue stream by generating condition reports for building management, a task typically done by outside vendors.

Background..ReLISTO is a hugely successful team of leasing consultants in San Francisco, one of the most dynamic rental markets in the U.S., according to CNNMoney.com. The company works in a city where there are many more renters than owners due to high homeownership costs – only about a third of the population own their homes.

Managing Director Eric Baird’s personal vision for the company is to expand capabilities utilizing everything new technology has to offer. As a leasing agency, ReLISTO is in an industry that historically shies away from direct involvement in property service and management. However, with Imfuna’s products, the Company has increased business offerings and therefore business revenues. With protection from legal disputes due to Imfuna’s binding property reports, agents are able to create condition reports for building management during the move-in and move-out process, protecting all parties involved.

Imfuna also enables ReLISTO agents – such as one of the country’s top listing agents, Jackie Tom – to complete inspections upon first acquiring a listing via mobile devices. Once in the office, the agent will use the Web to add pictures, make edits and send request feedback from the landlord. After subsequent adjustments, the report is sent to the landlord who then provides a copy for renter upon lease signing. The renter can do a walk through and make comments, which are then implemented into the report.

Imfuna has enabled ReLISTO agents to offer protection on a renter’s deposit, and protection on a landlord’s property – all while protecting agents from legal dispute.