Legal Question in Landlord & Tenant Law in Illinois

We just ended a commercial lease with a landlord that has been difficult. My question has to do with interest on the security deposit. On a couple of sites on the web regarding commercial landlord & tenant issues it states, "If the landlord rents to 25 or more tenants, the landlord must pay five percent interest on the security deposit."

Is this required or could that waived by a term in the lease?


Asked on 12/15/11, 9:44 am

1 Answer from Attorneys
Stephen Messutta

I think you are talking about RESIDENTIAL leases under Illinois law (and/or Chicago's residential ordinance). When it comes to COMMERCIAL leases, Illinois is the wild west no matter how many tenants there are and no matter how big or small the store is; it's whatever is stated in the lease. If your lease says no interest, that's most likely the end. To be sure, however, and depending on how much you may be thinking you're entitled to, you might want an attorney to review the lease and see whether there is some place else that might state one way or the other.

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Answered on 12/15/11, 10:02 am


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