The security deposit interest section of The Chicago Residential Landlord Tenant Ordinance (RLTO) has been interpreted by the Illinois Supreme Court to impose strict-liability upon violator landlords.  Other sections of the RLTO have also been interpreted by Illinois courts in decisions mostly favorable to renters. For both landlords and tenants, courts' interpretation of the RLTO has been strict, confined to the letter of the law.

    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.

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

 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 by Landlord
Summary of Ordinance Attached to Rental Agreement
Attorney's Fees
Rights and Remedies Under Other Laws
Severability

Chicago's Security Deposit Interest Rates

For 12-month rental periods begun in 2009

For 12-month rental periods begun in 2008

For 12-month rental periods begun in 2007

For 12-month rental periods begun in 2006

For 12-month rental periods begun in 2005

For 12-month rental periods begun in 2004

For 12-month rental periods begun in 2003

For 12-month rental periods begun in 2002

For 12-month rental periods begun in 2001

For 12-month rental periods begun in 2000

For 12-month rental periods begun in 1999

For 12-month rental periods begun in 1998

For 12-month rental periods begun in 1997

For 12-month rental periods begun in 1996 and earlier

               _________________________

_________________________

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.  The rest of Illinois is subject to lower interest rates, and 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:

      And for the first time ever, for rental agreements made in 2009, Chicago's rate is lower than the Illinois Security Deposit Interest Act (SDIA) rate of 0.25%.  In this lawyer's opinion, this means Chicago properties with 25 or more units have to pay interest at the higher state rate and not just the Chicago rate of 0.12% - or risk liability under the SDIA.  Good luck!