The Chicago Residential Landlord and Tenant Ordinance dictates that the City of Chicago must determine annually the interest rate to be paid to tenants for leases governed by 5-12-080 of the Chicago Residential Landlord and Tenant Ordinance (CRLTO). This year, the rate has dropped a bit. The new rate is (drum roll please):
0.013%
It is small – almost miniscule – but must still be paid. And, as an added reminder, please remember that the Chicago Residential Landlord and Tenant Ordinance requires that Landlords signing leases for January 1, 2014 must include a summary that includes the 2014 security deposit interest rate!