Chicago Security Deposit Interest Rate

Chicago Security Deposit Interest Rate

The City of Chicago's City Comptroller sets the minimum rate of Chicago secuity deposit interest for residential rentals regulated by the Chicago Residential Landlord and Tenant Ordinance (the CRLTO). Most Chicago apartment rentals are governed by the CRLTO, with the most common exception being owner-occupied buildings of six units or less.  

In January 2018, the City Comptroller set the minimum Chicago security deposit interest rate for leases signed in 2018 at 0.01% (which, incidentally, is the same minimum rate of interest for years 2015, 2016, and 2017). So, landlords seeking CRLTO compliance, be sure to inform your tenant before the commencement of the lease or lease renewal that the minimum rate of interest to be paid on any security deposit taken in 2018 (see Chapter 5, Sections 12-081 and 12-082 of the Chicago Municipal Code) is 0.01%.