A New Year’s Miracle!
For the first time in at least a decade, the City of Chicago has released the security deposit interest rate and interest rate summary EARLY. Chicago landlords governed by the residential landlord tenant ordinance (RLTO) will not be surprised to learn that this year’s interest rate for the seventh straight year will be .01% for leases executed between January 1, 2021 and December 31, 2021. A copy of the form to be attached to a Chicago lease can be found on the City of Chicago “Rents Right” website here.