Security Deposit Summary

Before the commencement of any written or oral lease, or upon any lease renewal, landlords with dwelling units governed by the Chicago Residential Landlord and Tenant Ordinance (the CRLTO) are required to provide a summary of the rights, obligations, and remedies of landlords and tenants with respect to security deposits, including the interest rate to be paid on security deposits (as announced at the beginning of each year by the City Comptroller) and the interest rates in effect during the preceding two years. The CRLTO encompasses most Chicago apartments, although the most common exception extends to owner-occupied buildings of six units or less. (The types of dwelling units exempted from the CRLTO are identified in Chapter 5, Section 12-020, of the Chicago Municipal Code.)