2021 Security Deposit Interest Rates (Chicago and Illinois)

Posted By: Tom Benedetto Advocacy News , Industry ,

JUST ANNOUNCED: 2021 Security Deposit Interests Rates

Each year, the City of Chicago and State of Illinois are required to set the rate of interest that must be paid on security deposits for residential lease agreements. 
The 2021 City of Chicago Security Deposit Interest rate addendum must be included in all Chicago, IL leases (even if your company does not collect security deposits). Download a PDF version of the addendum here.
 
The 2021 State of Illinois Security Deposit Interest Rate is .005% More information is available on the state's website.
The new rates are effective January 1, 2021 through December 31, 2021.