Security Deposit Interest Rates in Chicago for 2011
The City of 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 2011 of 0.073% applies to all residential
rental agreements in which the lease term begins from January 1, 2011 to
December 31, 2011. The state rate is .195%.
Owner-occupied buildings of six or fewer units are not required to pay interest
on security deposits.
For more information on Chicago rentals, please contact me.
Until the next time,
Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!
Visit me online: www.773property.com
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