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Ohio Security Deposit Interest Calculator & Escrow Rules

Verified Primary Statute: R.C. 5321.16(A) · Last Checked: Spot a law update? Report it
$
Ohio Interest StatusStatutory Interest Accrued
Net Interest Owed to Tenant:

$110.00

Calculated at the statutory rate of 5% per year under R.C. 5321.16(A) (Ohio Revised Code § 5321.16(A)).

Effective Annual Interest Rate:5.00% per year
Gross Accrued Interest:$110.00
Governing Authority:R.C. 5321.16(A)

Ohio Deposit Interest Laws at a Glance (R.C. 5321.16(A))

Paid annually to the tenant if the tenancy lasts longer than 6 months and deposit exceeds one month rent.

Statutory Interest Mandate Mandatory under state law
Statutory Interest Rate 5% per year (Ohio Revised Code § 5321.16(A))
Minimum Tenancy Duration 6 months of continuous tenancy
Escrow Account & Banking Rule Statutory interest of 5% applies only to the portion of the deposit exceeding one month periodic rent.
Governing Statute R.C. 5321.16(A) ↗

Related Ohio Rental Compliance Tools

Key Ohio Statutory Nuances & Escrow Case Law

  • Excess Over One Month Rent Rule: Under R.C. 5321.16(A), 5% interest per annum is required ONLY on the amount of deposit that exceeds one month rent.
  • 6-Month Minimum Tenancy: The tenant must remain in possession of the premises for at least 6 consecutive months to qualify for interest.
  • Annual Computation: If deposit equals exactly one month rent or less, Ohio law requires zero interest to be paid to the tenant.
Worked Statutory Calculation

Columbus Pet Deposit Excess Interest

Deposit Amount:

$1,800

Tenancy Months:

12 months

Net Statutory Interest:

$30.00

Monthly rent is $1,200, and tenant paid an $1,800 deposit ($600 excess). Under R.C. 5321.16(A), 5% interest applies only to the $600 excess, yielding $30.00 interest.

Ohio Security Deposit Interest FAQs

Does Ohio law require landlords to pay interest on deposits?

Under Ohio Revised Code § 5321.16(A), interest is only required if the deposit exceeds one month rent and the tenancy lasts longer than 6 months.

What is the statutory interest rate in Ohio?

The statutory rate is 5% per annum, calculated solely on the dollar amount exceeding one month rent.

Do I get interest if my deposit equals one month rent in Ohio?

No. If your deposit is equal to or less than one month rent, Ohio statute does not require any interest payment.

When must Ohio landlords pay deposit interest?

Interest must be computed and paid annually to the tenant under R.C. § 5321.16(A).