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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