The San Francisco Rent Board has published the 2008-09 allowable rent increase for units that qualify under rent control (commercial units, and any residential units built after June 13, 1979 are exempt from San Francisco rent control) and it’s up slightly .05% from last year, to 2%.

Which means a monthly rent of $2800 can be increased starting in March, on the anniversary of the lease date to $2856.00.

In addition the yearly interest owed on security deposits (which applies to all units rent control or no) stayed the same as last year at 5.2%

From the San Francisco Rent Board Site:

Calculation of Interest Owed: Generally, the tenant is owed simple interest at the rate in effect when the security deposit interest payment is due. If the deposit held is $1,000.00 and the applicable interest rate is 1.7%, then the interest payment due is $17.00. Pursuant to Chapter 49, if interest is owed for multiple years, the interest may not be compounded. For example, if the deposit held is $1,000.00 and interest for two years is to be paid on the annual due date of November 1, 2005, the landlord would owe the tenant 1.2% or $12.00 for 2004, plus 1.7% or $17.00 for 2005, for a total of $29.00. Other than payment of the past interest owed, Chapter 49 does not provide for any penalties for the late payment of interest.

This entry was posted on Wednesday, February 13th, 2008 at 8:00 pm and is filed under rent control increases, security deposit interest owed. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.