2011 City of Chicago rate - 0.073%
2011 State rate - 0.195%
The yearly rates are out for 2011 and as you may know, assessments are based on a formula bound to actual market rates. The City rate applies to all residential rental agreements for the lease term beginning from 1-1-11 to 12-31-11. So, the amount of interest paid on a deposit is regulated by the rate in effect on the date the lease term originates.
FYI…
• Owner-occupied buildings of 6 or less units are NOT required to pay interest on any security deposits.
• Revised summaries containing the new interest rate are being printed and will soon be available from CAR.
• Copies of the revised summary will be sent to each CAR office as soon as they are printed.
• These revised summaries should be attached to each lease executed during 2011.
Remember… Attach to each lease…
• a general summary of the RLTO (City code requirement).
• a separate summary on security deposits including the required rate of interest.
IF you are wondering, “What was it last year and did it go up?” The answer is… The City rate has remained the same, but the State rate went up from 0.095% to 0.195%.



Your Personal Real Estate Shopper
Phone: 312-208-3444
Leslie@LeslieGlazier.com
www.LeslieGlazier.com
2301 N. Clark St. Ste 202
Chicago, IL 60614
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