On an annual basis, the City of Chicago Comptroller is required to evaluate and set the interest rate to be paid on security deposits for residential lease agreements. The 2021 rate is 0.01%.
Note: The rate has remained the same since 2015.
The Chicago Residential Landlord and Tenant Ordinance (CRLTO) requires that the latest Security Deposit Interest Rate Summary be included with any lease or lease renewal.
If the landlord fails to pay out the interest earned, regardless of the amount, the landlord could face steep fines and other penalties.
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This article is provided by KSN. Since 1983, KSN has been a legal resource for landlords, property managers, and property owners. We have four office locations, serving hundreds of clients and thousands of communities throughout Illinois, Indiana, and Wisconsin. Our attorneys are also licensed in Arizona, Florida, and Missouri.