Security deposit rights q&A
What is a security deposit?
A security deposit is an amount that you pay to your landlord before moving into the apartment, so that the landlord can cover the cost of any damages or cleaning fees when you move out of the apartment.
How much should my Security deposit be?
There’s no maximum security deposit amount in Illinois, but if you leave the apartment clean and without damages, you should get your security deposit back in full. There are specific types of damage and messiness that can come out of your security deposit at the end of your rent.
How long do I have to wait to get my security deposit back?
If you live in an apartment building of 5 units (apartments or more), your landlord has up to 45 days after you move out to deduct any repair costs and get the rest of your security deposit back to you. If they take any of your security deposit to pay for late rent or damages to the apartment, they have to provide you with an itemized receipt of the things they paid for. Keep in mind, the law may change in your favor depending on your town. If you have questions about what the security deposit refund law is for your community, consider reaching out to Illinois Legal Aid for help.
Does my landlord have to pay interest on my security deposit?
The Illinois Security Deposit Act requires landlords who own a building with at least 25 units (apartments) to pay their tenants’ security deposit into an interest bearing account if their lease is 6 months or longer. The law also applies if the landlord owns buildings next to each other and the total number of units owned adds up to 25. The current interest rate is set at .01%.
Keep in mind, the Illinois Security Deposit Act can be localized, meaning that the law might be adjusted depending on the county or town that you live in.
Chicago also follows the Illinois Security Deposit Act however, many more protections and requirements are added in to keep the landlord from unfairly taking your security deposit and not reimbursing you at the end of your lease. If you have questions about how the Illinois Security Deposit Act works in your specific area, consider contacting Illinois Legal Aid with your questions.
my landlord gave me half of my security deposit back without telling me why, is this right?
No. Your landlord must provide an itemized receipt that explains why they did not give you your full security deposit reimbursement.
Is it Legal for the landlord to keep my security deposit:
Your landlord can keep your security deposit to cover unpaid rent, damage or normal wear and tear. However, they must provide an itemized receipt detailing what they used your security deposit to pay for and the cost. If you need to talk to someone about your security deposit being withheld, consider contacting Illinois Legal Aid.