2022 Security Deposit Interest Rates (Chicago and Illinois)
2022 Security Deposit Interest Rates Announced
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 2022 City of Chicago Security Deposit Interest Rate remains .01%
The 2022 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).
The 2022 State of Illinois Security Deposit Interest Rate remains .005%
Illinois law does not require an addendum to residential leases notifying tenants of the state's interest rate.
The NAA Click & Lease will be updated accordingly. The new rates are effective January 1, 2022 through December 31, 2022.