provision,subject,what_it_requires,key_figure,notes
5-12-080,"Interest on deposits","A landlord holding a security deposit or prepaid rent for more than six months must pay the tenant interest each year, at the rate set annually by the City Comptroller.","annual interest required","Interest must be paid, or credited against rent, no later than 30 days after the end of each 12 month rental period."
5-12-081,"Comptroller sets the rate","The City Comptroller calculates and announces the rate on the first business day of each year, based on the average of savings, insured money market and six month certificate of deposit rates at the commercial bank with the most branches in Chicago.","0.01 percent for 2026","That bank is currently Chase. The rate has been 0.01 percent every year since 2015."
5-12-082,"Rate summary must be attached","A Security Deposit Interest Rate Summary must be attached as an addendum to every lease and every renewal where a deposit is held, updated each January when the new rate is announced.","addendum required","Courts have held the summary is not required where no deposit is taken. Where one is taken, omitting it is a compliance failure independent of whether the interest was paid."
"5-12-080 return","Returning the deposit","The landlord must return the deposit together with any required interest, less unpaid rent and expenses for damages, within 45 days of the date the tenant vacates.","45 days","Where the tenancy ends because of fire damage, the period is 7 days from the date the tenant gives notice of termination."
"5-12-080 itemization","Itemized damages statement","Before deducting expenses for damages, the landlord must provide the tenant with an itemized statement of those damages within 30 days of the date the tenant vacates.","30 days","The itemization deadline is shorter than the return deadline, so a landlord intending to deduct must act well before the 45 days expire."
"5-12-080 receipt","Deposit receipt","A landlord must give the tenant a receipt for a security deposit stating the owner name, the date it was received, and a description of the dwelling unit.","receipt required","Effective from the original 1986 ordinance."
penalty,"Consequence of getting it wrong","A landlord who violates the security deposit provisions may be liable for twice the amount of the deposit plus attorney fees.","two times the deposit","This is why the tiny interest figure is misleading about the stakes. The obligation is trivial in dollars and the penalty for missing it is not."
coverage,"Which properties are covered","The ordinance covers most rental housing within Chicago city limits. The principal exception is an owner occupied building of six units or fewer.","most city rentals","Establishing whether a building is owner occupied and how many units it contains determines whether these rules apply at all."
"50 ILCS 825","Rent control is preempted","The Illinois Rent Control Preemption Act prohibits units of local government from enacting any ordinance controlling the amount of rent charged for private residential or commercial property.","preempted statewide","Enacted 1997. This is why Chicago has no rent control despite having one of the most tenant protective local ordinances in the country."