The city of Chicago has set the 2020 interest rate for security deposits for renters at .01%. This means that if you have a security deposit of $1,000 you must pay 10 cents within 30 days of the end of every 12 month cycle you hold the security deposit for.
You must also include the security deposit interest rate summary in your leases and renewals per the CRLTO.
Failure to pay the .01%, or include the summery, can result in fines of up to two times the security deposit, plus court costs, plus the return of the full security deposit.
This is one of the many reasons we suggest taking non-refundable move in fees! if you are a landlord in Chicago, one little mistake can cost you thousands in damages.
Want to make sure your investment is being taken care of and making you the most money possible, all while not having to stress over tenant calls in the middle of the night? Let’s discuss your property management needs and make your rental home a passive income stream for you. For a free consultation email timh@kalerealty.com
