Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 7 years ago on . Most recent reply

User Stats

414
Posts
94
Votes
Art Maydan
  • Chicago, IL
94
Votes |
414
Posts

Chicago Security Deposits - Who's Exempt From Paying Interest?

Art Maydan
  • Chicago, IL
Posted

I'm giving back a security deposit for a 1-year lease that just ended (Have since switched to fees). It's a unit in a triplex (not owner-occupied). Do I need to pay the 0.01% interest on this? I'm reading Domu and they say on page 6 of this that interest applies to owners of apartment buildings with 25+ units: https://www.domu.com/security-deposit-summary

But I see a ton of people talking about this issue who are renting smaller buildings on the forums.

I'm glad I switched to fees. This is way too much headache over 18 cents...

Thank you!

Most Popular Reply

User Stats

352
Posts
281
Votes
Ronan M.
  • Rental Property Investor
  • Chicago, IL
281
Votes |
352
Posts
Ronan M.
  • Rental Property Investor
  • Chicago, IL
Replied

@Art Maydan and if you are reading Domu PLEASE don't use a Domu lease. When I was a newbie many years ago I got laughed out of eviction court with my Domu lease.  Judge had to call a 5 minute recess to settle himself down after all the laughing. 

The CAR Chicago lease is here on BP in the file place. 

  • Ronan M.
  • Loading replies...