The Chicago Residential Landlord/Tenant Ordinance requires landlords to pay their tenants interest every year on a security deposit held for more than six months. The interest must be paid within 30 days after the end of each 12-month rental period or 45 days after the tenant leaves the property.
This ordinance applies to any residential dwelling unless it is an owner occupied building of less than seven apartments.
Tenants have the right to collect sizable penalties if the landlord fails to pay interest or pays late or incorrectly. Use this calculator to determine how much you owe your tenant or to make sure your landlord paid you enough.
This tool has been updated with the interest rate for 2017. The calculator will tell you if it doesn't have enough information to give you an amount about some future date.