Question 1

What is the Chicago security deposit interest rate?

Accepted Answer

The City of Chicago Comptroller publishes the required rate every January under RLTO §5-12-081. Recent years have been under 0.10%. Always verify the current-year rate on the City's official notice — the rate on this calculator is updated each January.

Question 2

When does a Chicago landlord owe interest on a security deposit?

Accepted Answer

Under Chicago RLTO §5-12-080, interest is owed on any security deposit held longer than six months. Interest accrues from the day the deposit is received and must be paid to the tenant within 30 days after each 12-month rental period (typically at lease renewal) or with the deposit balance at move-out.

Question 3

What happens if a Chicago landlord does not pay the required deposit interest?

Accepted Answer

Failing to pay required interest triggers the RLTO §5-12-080 penalty: damages equal to two times the security deposit, plus court costs and attorney's fees. The tenant does not have to prove actual harm — the procedural violation is enough.

Chicago Security Deposit Interest Calculator