Well, here’s an early New Year’s present! Erin Keane, acting Comptroller of the City of Chicago has released the new rate of interest on security deposits governed by the Chicago Residential Landlord Tenant Ordinance for the period from January 1, 2014 to December 31, 2014. This rate changes annually and dictates the interest to be paid to tenants under Section 5-12-080 of the CRLTO.
The rate for 2014 is: 0.013%
Click here for historical CRLTO rates.
Editorial Comment: You are not reading that wrong. The rate is just over one tenth of one tenth of one percent. Let’s just call this the “gotcha” that it is! Why not just get rid of this?