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Updated over 4 years ago,
Ohio: Paying tenants the 5% interest on deposits > 1 mo rent
I have a couple tenants with large deposits. I knew there was a 5% annual interest on the part of the deposit in excess of one months rent, but I just read the law and it says you have to pay the tenant that 5% every year?
What do fellow Ohio landlords do about this? Do you actually pay it every year, or credit their deposit for it, ignore it, charge another fee to offset it, etc?
Reference to law: https://codes.findlaw.com/oh/title-liii-real-property/oh-rev-code-sect-5321-16.html