Does a landlord have to pay interest on a security deposit in Minnesota?
Yes. Minnesota requires a landlord to pay the tenant interest on a security deposit. 1 % simple interest per year. The deposit itself must be returned within 21 days of the end of the tenancy. This is Minn. Stat. § 504B.178.
| What | Minnesota |
|---|---|
| Interest payable | Yes |
| How it works | 1 % simple interest per year. |
| Deadline to return the deposit | 21 days |
Source
Minn. Stat. § 504B.178
Read the statute in the Minnesota Statutes (Office of the Revisor of Statutes): revisor.mn.gov.
This is a summary of a published statute, not legal advice. Rules change, local ordinances can add to them, and the terms of a specific lease may differ. Check the citation and speak to a lawyer before acting.
How Seayora uses this rule
Seayora computes the deadline this rule sets from the tenancy’s own dates, shows it on the deposit statement, and reminds the landlord before it falls due — so the answer above is not reference material sitting beside the product, it is the rule the product enforces.
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The same question in other states
- Connecticut
- District of Columbia
- Illinois
- Iowa
- Maryland
- Massachusetts
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Dakota
- Ohio