I live in an townhouse where I was required to pay a double security deposit because of bad credit. I found something in Ohio law 5321.16 Procedures for security deposits section A that they are required to pay interest on any amount over one months rent if they keep the deposit for over 6 months. I have lived here for 2 years and 4 months now and we had to pay more on our double deposit when we resigned our lease. Is this true do you know where I can get more information about this?
1 Answer from Attorneys
In Ohio, it is true that landlords have to pay annual interest on any portion of the security deposit that is more than one months rent. However, I think that the interest rate is only 5 percent so it isn't likely to be a lot of money.
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