Landlords must send former tenants their security deposit or a letter outlining how the deposit was used, or a combination of the two. They must postmark this correspondence within 21 days of the end of the rental period or the date the tenant provides a forwarding address, whichever is later.
If your landlord did send you a letter explaining how they used your deposit, but you do not agree with the amounts withheld, call or email us and we will discuss your legal options with you.
Security Deposit Forms
If your landlord has not returned your deposit or did not give you a letter that explains how the deposit was used within 21 days after you moved out, use the form letter. If you need help calculating the interest on your deposit, use the worksheet.
Security deposits accrue interest, and in the majority of cases, state law sets the interest (MN Statute 504B.178 Subd. 2). The state legislature has changed the rate over time. Since August 1, 2003, it has been set a 1 percent simple interest. For example, if there is a deposit of $500, the interest for one year is five dollars. If the tenant is in the place for two years, it is $10; it does not compound (the interest from past years is not included in the calculation for future years). If a tenant has resided in an apartment since before August 1, 2003, the interest is more complicated to tabulate—the worksheet available above can help in calculating it. For reference, historic changes in the rates of security deposit interest as passed by the Minnesota State Legislature since 1973 are documented here.
These forms are not meant to be legal advice. If you have a legal question about your situation or need advice about using the form letter or worksheet, please contact us:
- Call 612-728-5767 in the metro area, or 866-866-3546 from Greater Minnesota
- Email us
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Featured image by Pictures of Money / CC BY 2.0.