Security deposit interest in Florida
No — Florida does not require landlords to pay interest on security deposits, though interest is owed if your landlord chose an interest-bearing account.
There is no interest to calculate — here is what does apply
Florida sets no interest requirement, so there is no figure to work out. The rules below are the ones that decide whether you get your deposit back in full, which is usually the larger sum anyway.
Deadline to return your deposit
15 days after the tenancy ends.
Miss it and the consequences below start to apply.
What to do next
- Give your landlord a written forwarding address. Several states make the return duty conditional on it, and Florida's rules are summarised below.
- Photograph the unit at move-out, dated, before you hand back the keys. The dispute is almost always about condition.
- If the deadline passes, put the request in writing and cite Fla. Stat. Sec. 83.49. Keep a copy of what you sent and when.
Not legal advice. This is general information, not legal advice. Security deposit laws change and vary by jurisdiction. Verify with the cited statute or consult a licensed attorney in your state before taking action.
What does Florida law actually say?
Florida does not mandate interest on residential security deposits. The landlord chooses one of three options: hold the deposit in a separate non-interest-bearing account at a Florida financial institution, in which case no interest is owed; hold it in a separate interest-bearing account, in which case the tenant receives either at least 75 percent of the annualised average rate on that account or 5 percent per year simple interest, at the landlord's election; or post a surety bond and pay the tenant 5 percent per year simple interest. Whether the tenant is entitled to interest must be stated in the landlord's written notice, which is required in the lease or within 30 days of receiving the deposit, though this notice requirement does not apply to landlords renting fewer than five units.
Where interest is owed it must be paid directly or credited against rent at least once annually. No interest is owed to a tenant who wrongfully terminates before the end of the term. Transient hotel and motel rentals and most public housing are excluded.
What if your landlord does not comply?
No specific interest penalty. If the landlord intends to claim against the deposit, written notice must be given within 30 days of termination or the right to claim is forfeited. If no claim is made, the deposit plus any interest due must be returned within 15 days. In litigation over the deposit, the prevailing party recovers court costs and reasonable attorney fees.