Chicago Lease Agreement 2018: What You Need to Know

If you`re looking to rent a property in Chicago, you`ll need to sign a lease agreement. A lease agreement is a legally binding contract between a landlord and a tenant that outlines the terms and conditions of the rental agreement. It`s important to understand what you`re agreeing to before signing a lease, so let`s take a closer look at Chicago lease agreements for 2018.

The Basics of Chicago Lease Agreements

A lease agreement is a written contract that specifies the terms and conditions of a rental property. It includes important details such as the rent amount, payment due date, security deposit, and length of the lease. It`s important to read the lease agreement carefully and ask questions if there`s anything you don`t understand.

In Chicago, most lease agreements are for one year, although shorter and longer leases are possible. The lease agreement should also specify how the landlord and tenant can terminate the lease early, if needed. It`s important to understand the penalties for breaking the lease, which can include losing your security deposit or owing additional rent.

Security Deposits in Chicago

Security deposits are a common part of rental agreements, and they`re designed to protect the landlord in case of damage to the property or unpaid rent. In Chicago, the maximum security deposit is equal to one month`s rent for unfurnished apartments and one and a half month`s rent for furnished apartments.

The landlord must return the security deposit within 45 days of the lease ending. However, if there are damages or unpaid rent, the landlord can deduct the costs from the security deposit. The landlord must provide an itemized list of any deductions made from the security deposit, along with receipts for any repairs or cleaning.

Rent Increases in Chicago

Chicago has a Rent Control Ordinance, which limits the amount that landlords can increase rent each year. In 2018, the maximum rent increase was 2.1%. Landlords must provide written notice of any rent increase at least 30 days before it takes effect.

Lease Renewals in Chicago

If you want to renew your lease agreement, you should start talking to your landlord at least 60 days before the lease expires. Your landlord may offer you a renewal with a rent increase, or you may be able to negotiate a lower increase or keep the rent the same.

Final Thoughts

Signing a lease agreement is an important step when renting a property in Chicago. By reading the agreement carefully and understanding the terms and conditions, you can protect yourself and avoid any surprises later on. Remember to ask questions if there`s anything you don`t understand, and enjoy your new home!