The interest rate Evanston landlords must pay tenants on security deposits rises to 1.71 percent this year, compared to 1.01 percent in 2005.
Paula Haynes of the city’s Human Relations Commission says the city’s Residential Landlord and Tenant Ordinance requires landlords to hold security deposits in a federally-insured, interest-bearing account in a bank, savings and loan, or other financial institution in Illinois.
Landlords must pay tenants any interest by cash or credit applied to the rent within 30 days after the end of each 12-month period.
The City Council has voted to make the security deposit interest rate in Evanston the same as the rate set by the City of Chicago.
More information on Evanston’s housing regulations is available on the city’s web site.