City Comptroller Announces 2013 Security Deposit Interest Rate

The Chicago Residential Landlord and Tenant Ordinance (RLTO) requires the city comptroller to set the rate of interest to be paid on security deposits held by landlords. The rate is calculated annually based on a formula tied to actual market rates. The new rate for 2013 of 0.023 percent applies to all residential rental agreements in which the lease term begins from January 1 to December 31, 2013.  The amount of interest paid on security deposits is determined by the rate in effect on the date the lease term commences. Owner-occupied buildings of six or fewer units are not required to pay interest on security deposits.

Posted by Bradford Miller Law, P.C.

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