City of Chicago retains same interest rate to be paid on Security Deposits under RLTO for third year in a row

On Friday, the City of Chicago released the new 2017 security deposit interest rate.  The rate is the for security deposits held for leases governed by the Chicago Residential Landlord and Tenant Ordinance (RLTO).  The rate has remained steady at 0.01% since 2015.  

So for a third year running, the rate is low – almost non-existent.  However, landlords need to be vigilant.  For those brave landlords who still follow the ancient and out-dated practice of accepting a security deposit, it is absolutely necessary that they comply with the ordinance or could face a penalty in the amount of two times the security deposit plus court costs!