🏛 Chicago Security Deposit Interest Rate Notice
Required Annually Under Chicago RLTO § 5-12-080
Chicago RLTO Requires Annual Interest on Security Deposits: Under Chicago Municipal Code § 5-12-080, landlords who hold security deposits for more than six months must pay annual interest at the rate set by the Chicago City Comptroller. Failure to pay interest allows the tenant to terminate the lease with 30 days’ written notice.
🏠 Property & Tenancy
💰 Deposit & Interest Calculation
Interest Rate: The Chicago City Comptroller publishes the current RLTO security deposit interest rate each year. Visit chicago.gov/comptroller or search “Chicago security deposit interest rate [year]” to find the current rate before completing this notice.
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Chicago RLTO § 5-12-080 requires landlords who hold security deposits for more than six months to pay annual interest at the rate determined by the Chicago City Comptroller. The interest must be paid within 30 days after the end of each twelve-month rental period.
Consequences of Non-Payment
If a landlord fails to pay interest when required, the tenant may: (1) terminate the lease with 30 days’ written notice, or (2) deduct the interest from rent. These are powerful tenant remedies — don’t miss the annual payment deadline.
Current Interest Rate
The Chicago City Comptroller sets the RLTO interest rate each year based on the Federal Funds Rate. Visit chicago.gov for the current year’s rate before completing this form.
⚖ Legal Disclaimer
These forms are provided for informational purposes only and do not constitute legal advice. FCRA requirements are complex and strictly enforced — violations carry statutory damages of $100–$1,000 per violation plus actual damages and attorney fees. Fair Housing law prohibits discrimination based on protected characteristics. Apply screening criteria consistently to all applicants. Consult a qualified attorney before making screening decisions. See our editorial standards for accuracy details.
