What is the security deposit limit in Illinois?
Illinois sets no statutory maximum on the amount of a residential security deposit; it regulates the return instead. A landlord who withholds any part of a deposit must furnish the tenant an itemized statement of the damage, with the estimated or actual cost of repair, within 30 days of the date the tenant vacates (765 ILCS 710/1), and where estimates were given, paid receipts must follow within 30 days of that statement. A landlord who furnishes no statement at all must return the deposit in full within 45 days of the date the tenant vacated. A landlord who refuses in bad faith is liable for twice the amount of the deposit due, together with court costs and reasonable attorney's fees. Note that this Act formerly applied only to buildings with five or more units: Public Act 103-224 removed that threshold effective January 1, 2024, so it now covers every residential rental in Illinois regardless of building size, and older summaries still repeating the five-unit limit are out of date. A separate statute, the Security Deposit Interest Act (765 ILCS 715/1), governs interest on deposits held more than six months and does still apply only to buildings with 25 or more units. Local ordinances can be stricter than the state: suburban Cook County caps deposits at 1.5 times monthly rent under its own Residential Tenant Landlord Ordinance, while the City of Chicago, which has a separate ordinance, sets no cap.