Security Deposit Interest Rates for 2016
According to the Chicago Department of Finance, deposits of tenants in the city will earn 0.010% for new leases. This same rate applies in the city of Evanston, whose rate is linked to Chicago’s. Tenants in buildings covered by Illinois law will receive 0.005%.
In Chicago, owner-occupied buildings of six or fewer units are not required to pay interest on security deposits pursuant to the Chicago Residential Landlord Tenant Ordinance. For all leases beginning January 1, 2015, this bilingual document must be given to the lessee.
Throughout the State of Illinois, residential real property containing 25 units or fewer is exempt from the Illinois Security Deposit Interest Return Act.
The information provided here is for informational purposes only and should not be relied upon before taking any action. Please confirm all rates with the appropriate municipality.