The 2024 security deposit interest rate has been set by the Illinois Department of Financial and Professional Regulation (IDPFR).

As noted on the Illinois Department of Financial and Professional Regulation website:

“The Illinois Department of Financial and Professional Regulation, Division of Banking announced today that the interest rate paid by the largest commercial bank … Read More ›

The City of Chicago  Department of Buildings has issued winter weather reminders impacting landlords and rental property managers. You can find the reminders below and here.

Chicago Heat Ordinance

Residences

The Heat Ordinance requires that during designated cold weather months landlords supply heat to residential apartments where occupants do not have individual control of … Read More ›

Each year the City of Chicago Comptroller is required to review and set the rate of interest to be paid on security deposits for residential lease agreements.

As recently announced on the City of Chicago website, the rental agreement security deposit interest rate is set at 0.01% from January 1, 2024 through December 31, 2024.

Here is … Read More ›

There are several legal updates impacting Chicagoland and Illinois landlords and rental property managers. Below is an amended summary including:

Changes to Accepting Electronic Payments in 2024
Changes to Immigration as a Protected Class
The Illinois Electric Vehicle Charging Act
Changes to the Illinois Tenant Radon Protection Act for 2024
New Appellate Court Ruling a Benefit for Chicago Landlords

Questions about … Read More ›