Chicago Security Deposit Interest Rate for 2020

Chicago Security Deposit Interest Rate for 2020

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.  

If a landlord collects a security deposit for an apartment regulated by the CRLTO during the time period of January 1, 2020 through December 31, 2020, the landlord must pay 0.01% interest on that security deposit, according to the City Comptroller's annoucement on its website dated December 31, 2019.   The rate of 0.01% is the same minimum rate of interest set by the City Comptroller for security deposits for rental agreements in 2016, 2017, 2018, and 2019.

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 2020 (see Chapter 5, Sections 12-081 and 12-082 of the Chicago Municipal Code) is 0.01%.