This chapter of the Chicago Renters' Resource Guide provides an overview of security deposits. When you rent an apartment, the landlord almost always ask for a security deposit. This is a sum of money that the landlord holds to cover any damage that may occur while you are living in the apartment. Although the landlord holds it, a security deposit remains the property of the tenant. The security deposit may be used only for damages that make the apartment un-rentable. The Chicago Residential Landlord and Tenant Ordinance (RLTO) includes several regulations concerning security deposits.