Real Estate Bookkeeping In Ohio
Ohio's three major markets pose three different problems. Cleveland has used residential tax abatement extensively, so a large share of stock carries a temporarily suppressed tax line that steps up on a known date. Dayton carries a high share of tenant-based housing assistance, which splits rent between two payers on two schedules. Columbus has grown fast enough that portfolios change managers frequently, making mid-year handovers a routine and high-risk accounting event.
Locate the city nearest to you and select your software below to learn more. Don’t see your city? Schedule a meeting with us to learn more about how REA can help your property management accounting needs.
Ohio at a glance
- Security deposit return
- 30 calendar days
- Governing statute
- ORC 5321.16
- Cities we publish
- Cleveland · Dayton · Columbus
What Ohio Law Changes About Your Books
Deposit Handling and Trust Requirements
Trust and deposit rules are set state by state, and they change the accounting itself, not just the paperwork around it. A deadline is a ledger requirement: you cannot return a deposit inside a statutory window if the ledger cannot say what is owed.
Security deposits
Ohio ORC 5321.16 requires deductions to be itemised in a written notice delivered with any amount due within 30 days after termination of the rental agreement and delivery of possession. Failing to return the deposit or provide the itemised list forfeits the right to retain ANY portion of it, and exposes the landlord to double the amount wrongfully withheld plus reasonable attorney fees.
Trust and segregation
Ohio adds an interest obligation that runs during the tenancy rather than at the end of it. Any deposit exceeding fifty dollars or one month's rent, whichever is greater, bears 5 percent annual interest on the excess once the tenant has been in possession six months or more, computed and paid ANNUALLY to the tenant. A deposit is therefore an accruing liability with a yearly cash consequence, not a static balance settled at move-out.
What we do about it
- Deposit liabilities tracked per tenant, so a 30 calendar days deadline is answerable from the ledger
- Trust accounts reconciled three ways, including every beneficiary balance
- Deduction documentation recorded against the correct ledger, not filed separately
- Aging deposits flagged before the statutory window closes
Summary of statutory requirements provided for orientation. It is not legal advice, and local ordinances can impose stricter rules than the state minimum.
Cities We Cover in Ohio
Market by Market
We work with property managers and investors across all of Ohio, all 1,077 cities and towns of it. The markets below are the ones we publish Ohio-specific detail for. If yours is not listed, the same team and the same ORC 5321.16 rules still apply.
Cleveland
Cleveland has used residential tax abatement extensively to drive redevelopment, which means a meaningful share of the rental stock is operating with a property tax line that is temporarily suppressed and will step up on a known date.
Bookkeeping by platform
Dayton
Dayton carries a high share of tenant-based housing assistance, which changes the most basic thing about a rent roll: for many units the rent arrives from two payers on two different schedules, and only part of it is the tenant's obligation.
Bookkeeping by platform
Columbus
Columbus has grown fast enough that portfolios change hands and change managers frequently, and a large share of the accounting work here is not steady-state bookkeeping at all. It is taking over a set of books someone else kept.
Bookkeeping by platform
Select Your Software
We Work Inside Your Platform, From Anywhere in Ohio
Services Available in This State
Every back-office function below is available on its own or as part of a full monthly close, anywhere in the state.
Experts In All Property Types
Residential, commercial and everything in between. The asset class changes what the books have to prove, and our teams are staffed accordingly.
- Single-Family
- Multifamily
- Student Housing
- Affordable Housing
- Community AssociationsSee the page
- CommercialSee the page
Check Out What Our Clients Have To Say About Us
Property Managers, Investors & Owner Operators
Smaller portfolio, still looked after
Adam the owner took a personal interest in my situation and was willing to work with me to see if his company was a good fit. I may be too small for them but I would highly recommend them to anyone considering a bookkeeper for their property management business.
Came from a bookkeeper who did not know real estate
Following a series of erroneous financials from my previous bookkeeper, who lacked expertise in real estate, it's been truly remarkable to receive not only accurate financials on a consistent basis but also proactive advice without prompting. The REA team is a game-changer in real estate accounting!
Real-estate-only specialists
As REA exclusively specializes in Real Estate, I rest easy knowing my financials are precise every month while saving money at the same time, an invaluable benefit.
230+
Property Accountants
30M+
Commercial Sq. Ft.
Up to 50%
Saved vs In-House
Every month
On-Time Close
Property Accounting for Ohio Portfolios
Schedule a call and we will walk your Ohio deposit and trust setup, tell you whether it reconciles today, and scope the monthly work.