Cincinnati, OH asked in Real Estate Law for Ohio

Q: If we submitted a deposit equal to our monthly rent and signed a year lease does our deposit accrue interest?

Our deposit amount was $1950 and we lived in the house for two years (signed two 1-year leases)

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1 Lawyer Answer
Bruce Martin Broyles
Bruce Martin Broyles
Answered
  • Lancaster, OH
  • Licensed in Ohio

A: 5321.16 Procedures for security deposits.

(A) Any security deposit in excess of fifty dollars or one month's periodic rent, whichever is greater, 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,

Your deposit has to be more than one month's rent before it accrues interest.

Taylor P Waters agrees with this answer

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