The City of Chicago's City Comptroller sets the minimum Chicago security deposit interest rate 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.
If a landlord collects a security deposit for an apartment regulated by the CRLTO during the period of January 1, 2023, through December 31, 2023, the landlord must pay 0.01% interest on that security deposit, according to the City Comptroller's announcement on its website dated January 4, 2023. The rate of 0.01% is the same minimum rate of interest set by the City Comptroller for security deposits for rental agreements in 2017, 2018, 2019, 2020, 2021 and 2022.
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 2023 (see Chapter 5, Sections 12-081 and 12-082 of the Chicago Municipal Code) is 0.01%.
The general information that Domu provides about Chicago landlord-tenant law is not intended as legal advice. Domu endeavors to provide accurate information, but the law is subject to change, and Domu is not a law firm or provider of legal services and makes no warranty regarding this information’s accuracy, completeness, reliability or usefulness. This information is for informational purposes only. Questions about your particular leasing situation should be directed to a lawyer.