Security Deposits

Before the tenant moves, he/she must leave a forwarding address in writing with the landlord, or many legal remedies will not apply. At the end of the lease, the landlord must do one of the following within 30 days after the lease agreement ends and the tenant has turned over the apartment and the keys: Return the full security deposit. Return the balance of the security deposit with a list of all deductions, including any past due rent owed, list of damages that the tenant or their guest may have caused, etc. This list must be in writing and sent to the former tenant. If the landlord fails to do either of the above, the tenant may receive (through court) double the amount wrongfully withheld (that amount the landlord should have returned, less any deductions), and reasonable attorney fees.

Interest on Deposit 
(Ohio Revised Code §5321.16)

If the landlord requires a security deposit in excess of one month’s rent and in excess of $50.00, the landlord must pay 5% interest annually on the excess. A landlord does not have to pay interest on the security deposit if the tenant lives in the unit less than six (6) months.

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