Security deposit interest in Rhode Island
No — Rhode Island does not require landlords to pay interest on security deposits.
There is no interest to calculate — here is what does apply
Rhode Island 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
20 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 Rhode Island'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 R.I. Gen. Laws Sec. 34-18-19. 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 Rhode Island law actually say?
Rhode Island does not require landlords to pay interest on residential security deposits. The statute contains no interest provision and imposes no escrow or separate account requirement. Deposits are capped at one month's rent, with a separate furniture security deposit of up to one additional month's rent permitted where the landlord supplies furniture worth 5000 dollars or more at the time the lease is executed.
On termination the landlord must return the deposit, less any unpaid rent, reasonable cleaning and trash disposal expenses, and physical damage beyond ordinary wear and tear, together with a written itemised notice, within 20 days of the later of termination, delivery of possession, or the tenant providing a forwarding address. No rental agreement may waive these provisions, and a landlord who transfers the property remains bound.
What if your landlord does not comply?
No interest obligation, so no interest penalty. Failure to return the deposit with an itemised notice within 20 days entitles the tenant to recover the amount due plus damages equal to twice the amount wrongfully withheld, plus reasonable attorney fees.