2019 Chicago RLTO Interest Rate Stays the Same
The City of Chicago Comptroller, Erin Keane, has released the 2019 security deposit interest rate and, as expected, the rate for leases governed by the Chicago Residential Landlord Tenant Ordinance signed in 2019 is going to be .01%. If you are a landlord with a rental agreement governed by the CRLTO who still sticks to the archaic procedure of collecting a deposit, this is the interest rate that tenant deposits will earn pursuant to Section 5-12-080 of the Chicago RLTO. Just FYI, the City has not yet released the security deposit flyer. Interestingly, as veteran landlords know, the flyer is as important, if not more important, than knowing the interest rate as landlords who are governed by the Chicago RLTO who do not collect deposits must still attach a copy of the separate interest rate summary to their lease. Check back here, as I will post on that when it is available.
Here is a link to the historical rates in the City of Chicago and State of Illinois.