Ohio Security Deposit Interest Rules
Ohio requires 5% interest on deposits over $50 held 6+ months (Ohio Rev. Code § 5321.16). Free calculator.
Track Ohio deposit interest accruals.
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Book a DemoDoes Ohio require interest on security deposits?
Yes, under conditions. Ohio Rev. Code § 5321.16(A) requires landlords to pay interest on the portion of a security deposit exceeding $50 when the tenancy lasts longer than 6 months. The statutory rate is 5 percent per year. Interest must be paid to the tenant annually or applied to rent.
How Ohio deposit interest is calculated
Interest accrues at 5 percent per year only on the amount of the deposit that exceeds $50. For a $1,500 deposit, interest accrues on $1,450. Multiply by 5 percent per year and the months held divided by 12 to get the amount owed.
When interest must be paid
The statute requires interest to be paid to the tenant annually or applied to the next month's rent at the landlord's option. At lease termination, any accrued unpaid interest must be returned with the deposit.
What happens if an Ohio landlord doesn't pay required interest
The tenant can recover the unpaid interest as part of the deposit return action. Combined with the deposit return statute, missing interest payments adds to the 2x penalty exposure under § 5321.16(C).
How to use this calculator
Enter deposit amount and months held. The calculator computes interest on the portion exceeding $50 at the statutory 5 percent rate.
Frequently asked questions about Ohio deposit interest
Does Ohio require interest on security deposits?
Yes, on the portion exceeding $50 when the tenancy lasts longer than 6 months. The rate is 5 percent per year (Ohio Rev. Code § 5321.16(A)).
What is the Ohio deposit interest rate?
5 percent per year, set by statute. The rate applies to the portion of the deposit above $50.
When must Ohio deposit interest be paid?
Annually or applied to the next month's rent at the landlord's option. At lease termination, any accrued unpaid interest must be returned with the deposit.
Do Ohio cities require deposit interest?
Generally no separate requirement; the state law applies statewide.
What if the deposit is $50 or less?
No interest required. The statute only applies to the portion of the deposit exceeding $50.
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