Security Deposits – Interest Rates

Last updated: November 2, 2009 – 1:48 PM

Interest Rates for leases begun in the following years:

2016 – 0.01%

2015 – 0.01%

2014 – 0.013%

2013 – 0.023%

2012 – 0.057%

2011 – 0.073%

2010 – 0.073%

2009 – 0.12%

2008 – 1.26%

2007 – 1.68%

2006 – 1.71 %

2005 – 1.01%

2004 – 0.42%

2003 – 0.52%

2002 – 0.83%

2001 – 3.10%

2000 – 2.71%

1999 – 2.63%

1998 – 3.38%

1997 – 3.42%

1987-7/1/1997 – 5.00%

[Note: These are the interest rates for the city of Chicago only]

To qualify for interest in the City of Chicago you must live:

* in a building not occupied by the owner or owner occupied building of 7 units or more

To calculate how much interest is due:

* multiply the total deposit amount by the percentage rate for each year separately
* if more than one year owed add all totals together for final amount

Tenants must reside in unit for at least six months or more in order to be eligible for interest Must be paid within 30 days of tenant’s year anniversary.

All 3 Comments

    1. I cannot answer your question without knowing where you live, how many units are in the building and if the landlord resides on the property. If you are covered by Chicago’s Residential Landlord and Tenants’ Ordinance, then the landlord must pay interest every year. If the landlord has paid interest every year then the landlord is likely to be responsible for not only the interest but the damages of twice the deposit plus attorney fees. In general there are limits as to how back in time you can go to collect the interest. I am not and attorney but I think it ranges from 2 to 5 years.

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