Ohio Security Deposit Interest
Ohio requires deposit interest under certain conditions. The rate rule includes 5%. Condition: Any security deposit in excess of fifty dollars or one month's periodic rent, whichever is greater, ... if the tenant remains in possession of the premises for six months or more
Interest rules
| Interest required | Conditional |
|---|---|
| Condition | Any security deposit in excess of fifty dollars or one month's periodic rent, whichever is greater, ... if the tenant remains in possession of the premises for six months or more |
| Rate rule | Five percent per annum on the excess only (the amount above the greater of $50 or one month's periodic rent). |
| Current rate | 5% per year on the excess |
| How interest builds up | Computed and paid annually. Statute does not specify simple vs compound. |
| When it must be paid | Shall be computed and paid annually by the landlord to the tenant. |
| When interest may be lost | No separate forfeiture rule is supplied here; check the statute before assuming interest is lost. |
| What you can recover | damages in an amount equal to the amount wrongfully withheld, and reasonable attorneys fees |
| Statute | Ohio Rev. Code § 5321.16(A) |
Statute says
shall bear interest on the excess at the rate of five per cent per annum if the tenant remains in possession of the premises for six months or more, and shall be computed and paid annually by the landlord to the tenant
What this means
This is the longest excerpt in the supplied research record. Read the linked source for the complete provision.
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Condition: Any security deposit in excess of fifty dollars or one month's periodic rent, whichever is greater, ... if the tenant remains in possession of the premises for six months or more
The result assumes this condition is met.
Five percent per annum on the excess only (the amount above the greater of $50 or one month's periodic rent).
Listed rate: 5% per year on the excess
Accrual: Computed and paid annually. Statute does not specify simple vs compound.
Enter your deposit and dates to see an estimate.
Free Ohio template, built from verified state data
I rented [rental property address] from [lease start date] to [move-out date]. I paid a security deposit of $[amount]. I returned the keys on [date] and gave you my forwarding address in writing on [date]. Under Ohio law (Ohio Revised Code § 5321.16), a landlord must return the deposit or send a written, itemized list of deductions within 30 days after termination of the rental agreement and delivery of possession by the tenant.
FAQ
Does my landlord owe deposit interest in Ohio?
Only when the legal condition is met. Any security deposit in excess of fifty dollars or one month's periodic rent, whichever is greater, ... if the tenant remains in possession of the premises for six months or more
Which interest rate should I use?
5% per year on the excess Five percent per annum on the excess only (the amount above the greater of $50 or one month's periodic rent).
When must the landlord pay the interest?
Shall be computed and paid annually by the landlord to the tenant.