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Chicago renters of town-homes, apartments, condos,
and single-family homes may email attorney
Silverman
for a free initial review of their
Chicago rental situation and rights.
SEE EXAMPLES OF
CASES
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SECTION
5-12-010
5-12-020
5-12-030
5-12-040
5-12-050
5-12-060
5-12-070
5-12-080
5-12-081
5-12-082
5-12-090
5-12-095
5-12-100
5-12-110
5-12-120
5-12-130
5-12-140
5-12-150
5-12-160
5-12-170
5-12-180
5-12-190
5-12-200
RATES
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TITLE
Title, Purpose and scope
Exclusions
Definitions
Tenant Responsibilities
Landlord's Right of Access
Remedies for Improper Denial of Access
Landlord's Responsibility to Maintain
Security Deposits
Interest Rate on Security Deposits
Interest Rate Notification
Identification of Owner and Agents
Tenants'
Notification of Foreclosure Action
Notice of Conditions Affecting Habitability
Tenant Remedies
Subleases
Landlord Remedies
Rental Agreement
Prohibition on Retaliatory Conduct by Landlord
Prohibition on Interruption of Tenant Occupancy
Summary of Ordinance Attached to Rental Agreement
Attorney's Fees
Rights and Remedies Under Other Laws
Severability
Chicago's Security Deposit Interest
Rates |
2013 Rate
2012 Rate
2011 Rate
2010
Rate
2009 Rate
2008
Rate
2007
Rate
2006
Rate
2005
Rate
2004
Rate
2003
Rate
2002
Rate
2001
Rate
2000
Rate
1999 Rate
1998
Rate
1997
Rate
For 12-month rental periods
begun in 1996 and earlier
_________________________
_________________________
You could have put your security deposit
money into gold or silver bullion, junk bonds, an S&P 500 index fund, or
even a money market account, and, with few exceptions, you would have a
better (unrealized) return on your deposit than the last 12 years of
RLTO interest rates presently 0.073% for a deposit given in 2011. Is your landlord
really that safe a credit risk? Is anyone else trusting them with
money at that low rate? Your risk of principal loss is tremendous,
especially in light of all the insolvent landlords in Chicago after
2008. |
0.023%
0.057%
0.073%
0.073%
0.12%
1.26%
1.68%
1.71%
1.01%
0.42%
0.52%
0.83%
3.10%
2.71%
2.63%
3.38%
3.42%
5.00% |
These rates apply only to rental housing covered by the RLTO in Chicago.
Other housing in Chicago and
Illinois is subject to different
interest rates, but only if the property is covered by the
Illinois Security Deposit Interest
Act. The rates set forth here are calculated according
to the following formula, which is set forth in Chicago's
RLTO
§
081:
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"on the first business
day of each year, the city comptroller shall announce the rates
of interest, as of the last business day of the prior month, on
passbook savings accounts, insured money market accounts and
six-month certificates of deposit at the commercial bank having
its main branch located in the city and having the largest total
asset value. The rates for money market account shall be based
on the minimum deposits for such investments. The rates for
certificates of deposit shall be based on a deposit of
$1,000.00. The comptroller shall calculate and announce the
average of the three rates. The average of these rates so
announced by the city comptroller shall be the rate of interest
on security deposits under rental agreements governed by this
chapter and made or renewed after the most recent announcement." |
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