Security Deposit Interest in Florida: No State Requirement (2026)
Florida does not unconditionally require interest on security deposits: under Fla. Stat. § 83.49 the landlord elects the holding method - if the … Calculator, statute citation, Last Verified date o
Quick answer
No — Florida law does not require landlords to pay interest on security deposits. Florida does not unconditionally require interest on security deposits: under Fla. Stat. § 83.49 the landlord elects the holding method - if the deposit is held in an interest-bearing account the tenant must receive 75% of the annualized average rate earned or 5% simple interest per year (landlord's election), and if a surety bond is posted instead, 5% simple interest per year is owed; a non-interest-bearing separate account carries no interest obligation. The rule comes from Fla. Stat. § 83.49 (Deposit money or advance rent; duty of landlord and tenant). State statute (official text) · 2026-10-28
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What Florida law does — and does not — require
Florida has no statewide statute requiring interest on security deposits. Florida does not unconditionally require interest on security deposits: under Fla. Stat. § 83.49 the landlord elects the holding method - if the deposit is held in an interest-bearing account the tenant must receive 75% of the annualized average rate earned or 5% simple interest per year (landlord's election), and if a surety bond is posted instead, 5% simple interest per year is owed; a non-interest-bearing separate account carries no interest obligation.
The statute that governs deposits in Florida, Fla. Stat. § 83.49 (Deposit money or advance rent; duty of landlord and tenant), covers how and when the deposit itself must be returned — it simply does not mandate interest on top.
How interest must be paid
Interest accrues as Simple interest. Interest due at least once annually, paid directly to the tenant or credited against the current month's rent (§ 83.49(9)); no interest due if the tenant wrongfully terminated the rental agreement early
Who the law applies to
All landlords receiving security deposit or advance rent must give written notice of the holding method (account location / bond) in the lease or within 30 days after receipt (§ 83.49(2)); landlords renting fewer than five units are exempt from the notice requirement; no statutory cap on deposit amount
Cities in Florida that require interest
No current Miami-Dade County or Hialeah local deposit-interest ordinance found in 2026 searches; Florida preempts local rent regulation. The often-repeated older claim of Miami-Dade/Hialeah local deposit-interest provisions could not be verified in any source this pass - treat as historical/defunct unless confirmed from the county code.
States that do require deposit interest
Florida has no statewide requirement. If you are moving or own rentals across state lines, these states do — each rate is the statutory value verified on the state page:
| State | Statutory rate |
|---|---|
| Massachusetts | 5% per annum, or the lesser amount of interest actually received from |
| Ohio | 5% per annum |
| Maryland | greater of 1.5%/year or U.S. Treasury 1-year yield curve rate (leases |
| Minnesota | 1% per annum |
| New York | Interest actually accrued/paid on the deposit in the interest-bearing |
The statute behind it
| Field | Value | | --- | --- | --- | | Citation | Fla. Stat. § 83.49 (Deposit money or advance rent; duty of landlord and tenant) | | Official text | www.flsenate.gov | | Last verified | 2026-10-28 |
⚠️ single-source state: § 83.49 verified from the official flsenate.gov text, but no independent second source fetched this pass Miami-Dade/Hialeah historical local deposit-interest ordinance claim unverifiable in 2026 searches
Statutes get amended. If you are relying on this page — for a move-out, a dispute, or a lease draft — click through to the official text and confirm the current wording.
FAQ
Does Florida require landlords to pay interest on security deposits?
No. Florida law does not mandate interest; whatever the lease says governs. No current Miami-Dade County or Hialeah local deposit-interest ordinance found in 2026 searches; Florida preempts local rent regulation. The often-repeated older claim of Miami-Dade/Hialeah local deposit-interest provisions could not be verified in any source this pass - treat as historical/defunct unless confirmed from the county code.
How is deposit interest calculated in Florida?
At 5%/yr simple (surety bond); interest-bearing account: 75% of the annualized average rate earned on the account OR 5%/yr simple, whichever the landlord elects. Simple interest The calculator at the top of this page applies exactly this rule to your deposit amount and dates.
When do I get the interest?
Interest due at least once annually, paid directly to the tenant or credited against the current month's rent (§ 83.49(9)); no interest due if the tenant wrongfully terminated the rental agreement early
Can my lease require the landlord to pay interest anyway?
Yes — a lease can always give you more than state law requires, never less. If your Florida lease promises interest, that promise is enforceable as a contract even though no statute mandates it.
Independent second source · 2026-10-28Related guides
- All states: security deposit interest by state · rent increase rules by state
- Tools: deposit interest calculator · rent increase calculator
- Neighboring states: Georgia · Maryland
This page is information, not legal advice — see the full disclaimer.