Security deposit in Chicago

[Marcele Johnson]

For landlords in Chicago should I request a security deposit or first months rent or how does that process go?

[Eudith Vacio]

Hi @Marcele Johnson, you actually don’t have to pay interest on the security deposit if it’s an owner occupied building of six or few units. This is pursuant to the Chicago Residential Landlord tentant ordinance. 

I think generally, most people probably take move-in fees because it’s non-refundable and can keep to make other improvements.