Interest earned on Security Deposit?

[cocobunny]

What is the name of your state?OHIO is the name of my state.

I live in an apartment complex where I am currently paying $549 monthly for rent. (I plan on moving-out at lease end) The security deposit when I moved in 4 years ago was $299.

Am I entitled to interest earned on this money?
If so, am I entitled to the last four years worth of interest earned on this money?
If so, how would I compute that total?

This is what Ohio law says:
5321.16 Security Deposit Procedures
(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, and shall be computed and paid annually by the landlord to the tenant.

 

[Want.WithThat]

I think you answered your own question. Your deposit is not greater than one month's rent, so you don't get interest according to the law you posted.

 

[You Are Guilty]

Contrary to what Numbskull #1 said, you are entitled to interest, which usually is paid to you annually or upon lease renewal. Otherwise, you get simple 5% interest on your money for 4 years.


Being that your rent no longer equals your security, did you ever have to pay more security to correspond to the rent increases (most people do). If so, you will have to figure your interest with those periodic payments in mind as well.


Either way, you're not looking at a ton of money here. Maybe $50-ish?

 

[nextwife]

$299 X 5%=14.95

$14.95 X 4 years = 59.80

 

[cocobunny]

thank you all!

Thanks all! I am FARRR from a mathmatician, thats why I asked.

>>Being that your rent no longer equals your security, did you ever have to pay more security to correspond to the rent increases (most people do). <<

A. No. When its renawal time they just photo copy a blank lease, fill in the word 'renewal' where it asks for the security deposit amount and I sign at the bottom.

Just so I make myself clear... My rent started out at:

$529 rent $299 deposit year 1
$549 rent $0 deposit year 2
$579 rent $0 deposit year 3
$549 rent $0 deposit year 4

......my rent never was equal to or less than my deposit. My rent has always been great than my intial deposit. Dose that affect anything?

 

[You Are Guilty]

OK, in that case, nextwife's calculations look legit. (Note: I only went to law school because they swore there was no math there, so being $9.80 off from my guesstimate is damn good. And I take no responsibility if 5% of $299 isn't $14.95 on that basis).

It is a little odd that you didn't have to keep your security deposit current with your rent increases, but it doesn't affect the calculations. Send the landlord a certified, RRR letter stating that they've had your $299 for four years, which equates to $59.80 (5% x 4 years) and pursuant to the statute you cited above, you'd like your interest paid to you within the next ten days. Then go out and buy yourself something with your newfound wealth. Like a pizza. With all the toppings.

 

[nextwife]

And maybe you can afford to add that pitcher of Miller Genuine Draft with the extra $9.80. But bring a designated driver.

 

[JETX]

Contrary to what Numbskull #1 said, you are entitled to interest, which usually is paid to you annually or upon lease renewal. Otherwise, you get simple 5% interest on your money for 4 years.

Lets see if I can figure out where you got your incorrect information......

'one month's periodic rent': between $529 and $579.
'security deposit' amount: $299

Now, how exactly is the deposit "in excess of fifty dollars or one month's periodic rent, whichever is greater"??
As I see it.... $299 is NEVER more than $529.... or even $579!!

This law was written to provide interest to tenant deposits where they EXCEED one months rent..... which is clearly NOT the case in this example.