The new rate for 2012 of .057% applies to all residential rental agreements in which the lease term begins from January 1, 2012 to December 31, 2012. The amount of interest paid on security deposits is determined by the rate in effect on the date the lease term commences. Owner-occupied buildings of six or fewer units are not required to pay interest on security deposits. City code requires that a general summary of the RLTO and a separate summary on security deposits, including the required rate of interest, be attached to each lease.

Please note that Oak Park and Mount Prospect have local landlord/tenant law, but follow the State Rate for security deposit interest.