Interest rates on security deposits in City of Chicago???? (Time: apartment, lease)

[StartMeOver]

I will be moving out of an apartment I have been renting for four years. I paid two months rent for a security deposit. The link on this website Chicago Tenants Rights Pamphlets (English #2)
is saying that a landlord must pay you back your security deposit plus interest at an annual rate of 5%.

Is this the correct rate of interest? The latest copy of my lease that was signed in 2011 includes a page titled Residential Landlord and Tenant Oridinance "Rate of Interest on Security Deposits" that states the 2011 rate was .073% which is a much lower amount than 5%.

Does anyone know anything about this?

[rparz]

Yeah, you aren't getting rich off the interest.
http://www.illinois-attorney.com/law...nterest-rates/

Historical and Current Interest Rates under
Illinois and Chicago Security Deposit Law

Time Period------------------------------------------------------Chicago Illinois
Interest rate for period from Jan 1, 2012 to Dec 31, 2012 0.057% 0.005%
Interest rate for period from Jan 1, 2011 to Dec 31, 2011 0.073% 0.195%
Interest rate for period from Jan 1, 2010 to Dec 31, 2010 0.073% 0.095%
Interest rate for period from Jan 1, 2009 to Dec 31, 2009 0.12% 0.25%
Interest rate for period from Jan 1, 2008 to Dec 31, 2008 1.26% 0.35%
Interest rate for period from Jan 1, 2007 to Dec 31, 2007 1.68% 0.50%
Interest rate for period from Jan 1, 2006 to Dec 31, 2006 1.71% 0.55%
Interest rate for period from Jan 1, 2005 to Dec 31, 2005 1.01% 0.40%
Interest rate for period from Jan 1, 2004 to Dec 31, 2004 0.42% 0.30%
Interest rate for period from Jan 1, 2003 to Dec 31, 2003 0.52% 0.40%
Interest rate for period from Jan 1, 2002 to Dec 31, 2002 0.83% 0.45%
Interest rate for period from Jan 1, 2001 to Dec 31, 2001 3.10% 1.73%
Interest rate for period from Jan 1, 2000 to Dec 31, 2000 2.71% 1.73%
Interest rate for period from Jan 1, 1999 to Dec 31, 1999 2.63% 1.88%
Interest rate for period from Jan 1, 1998 to Dec 31, 1998 3.38% 2.50%
Interest rate for period from Jan 1, 1997 to Dec 31, 1997 3.42% 2.50%
1994 to 1996 security deposit interest rate 5.00% 2.50%
1993 and prior 5.00% 5.00%
Notes:

[rca215]

If 5% were the mandated rate then I would beg my landlord to demand a 12 months-of-rent security deposit.

[aragx6]

^I know, right? My "high-interest rate" savings account is paying 1% right now.

[emathias]

Originally Posted by rca215

If 5% were the mandated rate then I would beg my landlord to demand a 12 months-of-rent security deposit.

A number of landlords have started returning deposits for renewing tenants partly because the cost of administering the accounts exceeds the difference between the interest income and what they have to pay in interest.