Illinois Security Deposit
Illinois Security Deposits

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ILLINOIS SECURITY DEPOSIT 

The Illinois Security Deposit provides security to the landlord for any damage to the premises or non-payment of rent. The security deposit does not relieve the tenant of the duty to pay the last month's rent. The deposit must be returned to the tenant upon vacating the premises, if no damage has been done beyond normal wear and tear and the rent is fully paid.

If a landlord fails to return the security deposit promptly, the tenant can sue to recover that portion of the security deposit to which the tenant is entitled.

SECURITY DEPOSIT LIMITS

There is no state law limiting the amount an Illinois landlord may request as a security deposit. The standard is one month. As a landlord, I would suggest 1.5 months.

INTEREST ON THE SECURITY DEPOSIT - ILLINOIS

Only if a building contains 25 or more residential units, the landlord must also pay interest on the deposit from the date it was paid, if held more than 6 months. (Interest is calculated at the rate paid by the largest bank in Illinois, as determined by total assets, on a passbook security account.)

There is no restriction on the amount of the security deposit for the rental of a commercial property.

ILLINOIS RETURN OF SECURITY DEPOSIT

 If a tenant damages the property, the landlord can deduct the cost of fixing it from the security deposit. But if the tenant returns the rental in substantially the same condition in which it was rented (less reasonable wear and tear), the landlord must return the deposit.
A landlord can't make tenants pay for painting, new carpets or curtains, unless there was serious damage. The landlord is allowed to deduct the cost of cleaning if necessary to put the unit back to the same level of cleanliness it was in at the time the property was leased (less normal wear and tear).

TIME TO RETURN SECURITY DEPOSIT IN ILLINOIS

A landlord leasing residential real estate containing five or more units who receives a security deposit may not withhold any part of that deposit as compensation for property damage unless he furnishes to the tenant, within 30 days of the date the tenant vacates, a statement of damage allegedly by the tenant and the estimated or actual cost of repairing or replacing each item on that statement. 

If no such statement is furnished within 30 days, the landlord must return the security deposit in full within 45 days of the date the tenant vacated.

Protecting Your Deposit When Moving In
Get an itemized receipt for your deposit. This receipt will identify each charge ( for example, pet deposit, last month’s rent, cleaning fees, etc.).
 Use the RentLaw.com free Rent Receipts here.

When moving in, take careful inventory of the condition of the place. Record any existing damage and check all appliances to make sure they work properly. Ask the landlord to sign and date the inventory and be sure to keep a copy (if they won’t sign, send a copy to them and mail one to yourself—which you save unopened). Pictures or videos of the existing condition of the apartment can also be helpful later. Find Illinois Lawyers

 

 

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