2024 Security Deposit Interest Rates

2024 Security Deposit Interest 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 rate is based on the average rate of interest on certain accounts at commercial banks.

The 2024 City of Chicago Security Deposit Interest Rate remains 0.01%.

• The 2024 City of Chicago Security Deposit Interest Rate Summary Addendum MUST be included with all Chicago leases when security deposits are required. If a landlord does not require a security deposit, then courts have ruled that the security deposit summary identified in the Chicago RLTO is not required. 
• Details about the City of Chicago security deposit interest rate requirements and access to the Security Deposit Interest Rate Summary lease addendum can be found here.

The 2024 State of Illinois Security Deposit Interest Rate remains 0.005%.

• The Illinois Department of Financial and Professional Regulation announcement setting the 2024 security deposit interest rate can be found here.
• The Illinois Security Deposit Interest Act does not require a separate security deposit interest rate summary lease addendum to included with residential leases.