The Comptroller of the City of Chicago has released the rate for leases entered into from January 1, 2020 to December 31, 2020 that are governed by the Chicago Residential Landlord and Tenant Ordinance. For those rental agreements, the rate to comply with the requirements of Section 5-12-080 of the CRLTO is set at at .01%.
The rate has not changed since 2015. It is also worth noting that the City of Chicago has not released to its “Rents Right” website the new form for 2020 leases that includes the most up to date security deposit Interest Rate Summary in two languages which must be attached to each and every lease and lease renewal.
Even though the interest rate and the interest to be paid on a security deposit is small, for those covered landlords who still collect a security deposit, the failure to make a timely payment of interest on the security deposit can result in major penalties.
Landlords who would like to consult about their rental practices, leases, or the Chicago Residential Landlord and Tenant Ordinance should contact us to see if we are a match for an engagement.