Calculating the interest due a tenant on a security deposit held by a landlord pursuant to a tenancy governed by the Chicago Residential Landlord Tenant Ordinance should be simple enough, right? It should be, however, because of the “high stakes” involved in the case of an incorrect calculation, landlords need to make sure the calculation is done right.
So, without much further ado, here is an example of how to calculate the interest payable to a tenant with a security deposit on a one year lease subject to CRLTO section 5-12-080(c).
