2016 Security Deposit Interest rate for Chicago

2016sdiCity of Chicago interest rate to be paid on Security Deposits under CRLTO remains unchanged

The City of Chicago has released the new interest rate for 2016.  That rate, for security deposits under rental agreements governed by the Chicago Residential Landlord and Tenant Ordinance, is unchanged from 2015 and will be set 0.01%.  

This marks the second year of this unbelievable small rate.  Remember landlords, if you mess this up, you will owe your tenant two times the security deposit as a penalty!

Unfortunately, the City has not yet released its security deposit interest rate summary (although I can find copies of both the 2013 and 2015 versions on their site – don’t use those!)

About Richard Magnone

Co-founding member of Reda | Ciprian | Magnone, LLC, attorney at law and Illinois licensed lawyer since 1996.
This entry was posted in Interest Rate, Security Deposit and tagged , , . Bookmark the permalink.