Real Estate Accounting in New Haven
Connecticut sets a different maximum deposit depending on the tenant's age, which makes a compliance limit dependent on a personal characteristic rather than on the unit. New Haven's mixed student, workforce and senior housing means portfolios here routinely hold both.
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Connecticut rules that apply here
- Deposit return deadline
- 30 days, or 15 from the forwarding address if later
- Statute
- Conn. Gen. Stat. 47a-21
Why Connecticut Real Estate Professionals Choose REA
AppFolio Expertise, Applied to New Haven
Experts in AppFolio Bookkeeping
The cap is two months' rent for tenants under 62 and one month for tenants aged 62 or older. That is unusual: almost every other state ties the maximum to the unit or the furnishing, not to who is living there. It means the permitted deposit can change on a renewal if the tenant passes 62 during the tenancy, and a portfolio that set the deposit at move-in and never revisited it can end up holding more than is permitted without any action having been taken.
Assigned, Responsive Team
Because the limit attaches to the person, the compliance record has to sit with the tenancy rather than the property. We record the basis for the deposit amount at the tenancy level so a later question about the maximum can be answered from the file rather than reconstructed.
Accurate Monthly Bookkeeping
The return timetable has a second trigger worth knowing. Connecticut allows 30 days from the end of the tenancy, or 15 days from receiving the tenant's forwarding address if that is later. Portfolios that assume a flat 30 days from move-out are working from the wrong deadline in either direction, and the escrow disclosure obligation, identifying the institution holding the funds, applies throughout.
Deposit Compliance for New Haven Portfolios
Conn. Gen. Stat. 47a-21
Connecticut allows 30 days from the end of the tenancy, or 15 days from receiving the tenant's forwarding address if that is later, so a flat 30-day assumption is wrong in both directions. Deposits are capped by the TENANT'S AGE rather than by the unit: two months' rent under 62, one month at 62 or older, which means the permitted maximum can change during a tenancy without anything about the property changing.
Deposits sit in an interest-bearing escrow account at a federally insured institution with written notice to the tenant identifying it, and interest is paid or credited ANNUALLY on each tenancy's own anniversary rather than settled at move-out. The landlord elects between paying and crediting, and those are different entries: a credit reduces rent receivable, a payment is a disbursement against the deposit liability. Interest is NOT owed for any month the tenant was more than ten days delinquent unless a late charge was imposed, so the accrual depends on the rent ledger.
All Connecticut requirementsHow we keep you inside it
- Deposit liabilities tracked per tenant in AppFolio, so a 30 days, or 15 from the forwarding address if later deadline is answerable from the ledger
- Trust accounts reconciled three ways every month
- Deduction documentation recorded against the correct ledger
- Aging deposits flagged before the statutory window closes
Appfolio Bookkeeping Services from REA
Available to New Haven Operators
Trust Bookkeeping
Leverage Appfolio's powerful bookkeeping capabilities with REA's tailored service.
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REA's skilled team, in combination with Appfolio's comprehensive toolset, addresses the complexity of your corporate financial activities.
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Employing Appfolio's state-of-the-art system, REA offers bank reconciliation services that brings meticulous accuracy to your finances.
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REA utilizes Appfolio's advanced diagnostic tools to swiftly and effectively troubleshoot financial anomalies.
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REA pairs its accounting prowess with Appfolio's detailed reporting to deliver comprehensive Trust Compliance Verification services.
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For New Haven Portfolios
- Process Review & Set Up
- Bank Reconciliations
- AP / AR
- Accurate NOI, Balance Sheets
- Recording HUD's & Accruals
- Owner Distributions
- Monthly Statements & Reports
- Management Fees
- Corporate Bookkeeping
- Tenant Chargebacks
Take the Whole Close, or One Function
New Haven operators use REA for the full monthly close or for the single function that has become a bottleneck. Each one is performed inside your AppFolio instance.
Trust Accounting
Compliant, audit-ready trust funds
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Three-way reconciliation, every account
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Bills paid, rent collected, owners paid
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Back books fixed and current
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Annual commercial true-ups
Learn moreExperts In All Property Types
- Single-Family
- Multifamily
- Student Housing
- Affordable Housing
- Community Associations
- Commercial
Experts In All Property Types
Residential, commercial and everything in between. The asset class changes what the books have to prove, and our teams are staffed accordingly.
- Single-Family
- Multifamily
- Student Housing
- Affordable Housing
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Check Out What Our Clients Have To Say About Us
Property Managers, Investors & Owner Operators
I highly recommend Real Estate Accounting (REA) services from this group. They truly are great and have helped us tremendously at a time we needed it the most. I felt very comfortable giving up all my accounting responsibilities to this team and I'm still glad I made the decision to work with this group. Nothing less than an amazing experience!
REA and team have been nothing but excellent helping our firm with its day to day financial needs. Their expertise, professionalism, and timeliness have made our lives so much easier. We foresee a long relationship with REA and team.
Real Estate Accounting truly is a special company. They helped as if they were a part of our company, with the concern and caution as an employee would have, but even more. They quickly ascertained our needs and developed an effective team to help with our accounting needs. They were extremely responsive and always accurate. I would recommend their services to anyone who needs help with their property management accounting.
Frequently Asked Questions
Does the deposit cap really depend on the tenant's age?
Yes. Two months' rent under 62, one month at 62 or older. Almost uniquely, the limit attaches to the person rather than the unit, so it can change during a tenancy.
What if a tenant turns 62 while living there?
The permitted maximum changes even though nothing about the unit did, which is why the deposit basis needs to be recorded at tenancy level and revisited rather than set once at move-in.
What is the actual return deadline?
Thirty days from the end of the tenancy, or 15 days from receiving the tenant's forwarding address if that falls later. Assuming a flat 30 days from move-out is wrong in both directions.
More in Connecticut
Other Connecticut markets, the platforms we work in, and the functions available on their own.
AppFolio Bookkeeping for New Haven
Schedule a call and we will review your AppFolio setup, your Connecticut deposit handling, and what it takes to close clean every month.