Security Deposit Interest Calculator
12 states require landlords to pay interest on your security deposit. Find out if your landlord owes you — and how much.
Calculate Your Interest
Your landlord is not legally obligated to pay interest under state law. However, you may still be owed your full deposit back — use our deposit calculator to check your return deadline and penalties.
States That Require Interest on Security Deposits
Only 12 states (plus DC) require landlords to pay interest on security deposits. Each has different rates, conditions, and rules. Here's the complete breakdown:
| State | Interest Rate | Conditions | Statute |
|---|---|---|---|
| Connecticut | Annual rate (set by banking commissioner) | All deposits; paid annually | Conn. Gen. Stat. § 47a-21 |
| Florida | 75% of annualized rate or 5% simple | If held in interest-bearing account | Fla. Stat. § 83.49 |
| Illinois | Rate set by city/state | Buildings with 25+ units only | 765 ILCS 710/1 |
| Maryland | Greater of 1.5% or US Treasury 1-yr rate | Deposits $50+; held 6+ months | Md. Code Real Prop. § 8-203 |
| Massachusetts | 5% per year | All deposits; paid annually | Mass. Gen. Laws ch. 186 § 15B |
| Minnesota | 1% simple (3% without written lease) | All deposits | Minn. Stat. § 504B.178 |
| New Jersey | Bank interest rate | Must be in interest-bearing account; paid annually | N.J. Stat. § 46:8-21.1 |
| New York | Bank rate minus 1% admin fee | Buildings with 6+ units only | N.Y. Gen. Oblig. Law § 7-108 |
| North Dakota | Rate not specified (reasonable) | Tenancies over 9 months only | N.D. Cent. Code § 47-16-07.1 |
| Ohio | 5% annual or current rate | Tenancies 6+ months; deposits over $50 | Ohio Rev. Code § 5321.16 |
| Pennsylvania | Bank rate minus 1% | Tenancies 2+ years only | 68 Pa. Stat. § 250.512 |
| Washington DC | Rate set by DC regulations | All deposits | D.C. Mun. Regs. tit. 14, r. 14-308 |
Frequently Asked Questions
Which states require interest on security deposits?
12 states plus DC: Connecticut, Florida, Illinois (25+ unit buildings), Maryland, Massachusetts, Minnesota, New Jersey, New York (6+ units), North Dakota (9+ month leases), Ohio (6+ months, deposits over $50), Pennsylvania (2+ years), and Washington DC.
How much interest is owed on my deposit?
Rates vary by state. Massachusetts requires 5% per year. Minnesota requires 1% (3% without a written lease). Maryland uses the greater of 1.5% or the US Treasury yield curve rate. Use the calculator above for your specific state.
What if my landlord didn't pay interest?
In states that require interest, failure to pay can strengthen your case for wrongful withholding and may trigger penalty damages. In Massachusetts, failure to pay 5% interest can entitle you to 3× the deposit plus attorney fees.
Does my landlord owe interest if I only lived there a few months?
It depends. Some states require interest from day one (CT, MA, NJ). Others have minimums — Ohio requires 6+ months, North Dakota 9+ months, Pennsylvania 2+ years.
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