It might be unprecedented for the City of Chicago to release the CRLTO interest rate BEFORE the new year, but that is what just happened. The City of Chicago Security Deposit interest rate for those rental agreements governed by the Chicago Residential Landlord and Tenant Ordinance for January 1, 2021 through December 31, 2021 will be .01%. This rate has remained unchanged since 2015.
Here at Reda | Ciprian | Magnone, LLC, we don’t represent tenants in residential eviction cases. We help residential landlords. We help lots of them. We talk to lots of them. We are usually glad to have a quick conversation to see if we are a match for an engagement at no cost. Unfortunately, these are unprecedented times and the laws affecting Illinois landlords and Chicago landlords are complex and they seemingly change daily. That leaves us on the telephone quite a bit explaining things to landlords who might or might not be able to take any action right now. That analysis requires an analysis of facts, a review of a lease, and an application of multiple and ever-changing laws and as a result, we are temporarily changing our policy with respect to telephone consultations. All phone consultations will be billed at our hourly eviction rate of $295 per hour with the minimum consultation time being at least one half hour. Unfortunately, this will also apply to “quick questions”. When things go back to normal, our policy is likely to change. If landlords are not interested in paying a consultation fee, we hope that they will still enjoy the voluminous amounts of information provided on these pages. Thanks!