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Updated almost 11 years ago,
Chicago Association of Realtors says "NO Don't take a Security Deposit"
In Chicago, the local government feels that if you are a landlord, you must therefore be smart, intelligent and RICH beyond belief. Whereas a Tenant must be a mental midget incapable of thinking or having a thought on their own.
Therefore the laws are so against landlords and favor tenants, (because landlords must obviously be always taking advantage of the tenants who have no ability for rational thought), that even the Chicago Association of Realtors says, Avoid the laws, and don't take a security deposit.
See the Blog here: http://chicagoeviction.com/2014/01/association-realtors-deposits/