Learn, Frequently Asked Questions -- Landlord/Tenant (FAQs)


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HOME: Learn: Frequently Asked Questions (FAQs): Landlord/Tenant

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Frequently Asked Questions
LANDLORD/TENANT
For most people, the home they select to live in can be one of the most important decisions in their life. Here are some of the most commonly asked questions that we hear from clients about landlord/tenant relationships.

	*What is the difference between renting an apartment and a condominium?* An apartment is a property that tends to be be owned by one entity (a managed property), where as a condominium is a unit that is owned by a single individual (which could be a person or entity). In condos, every unit has the potential to be owned by a different individual.
	*What is a security deposit?* Security deposits are some amount that is held by a landlord in conjunction with the rental of real property. While these used to be quite common, onerous provisions of the Chicago Residential Landlord-Tenant Ordinance (which can have outrageous penalities for those landlords who don't strictly comply) have made security deposits more rare in recent years. In 2014, the Chicago Association of REALTORSŽ began encouraging landlords not to hold them. When a security deposit is charged, it will typically equal one month's rent (presuming good income, credit, and no pets).
	*What are the qualifications required to rent in Chicago?* We typically recommend that landlords seek three things from prospective tenants: 1.) credit scores of 700 or above (with no accounts with late payments or collections); 2.) income that is at least four times the monthly rent (so a 4:1 income-to-rent ratio) and steady (employment for six (6) months or longer); and 3.) housing references who are able to confirm no history of delinquency (either late payments or damage). Of course, every landlord has the right to adopt their own criteria. Some will also place limitations based upon things like pets, furnishings, or alterations to the property.

Click here to see questions pertaining to sale transactions.

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Chicago, Illinois 60611-4264

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401 N. Michigan Ave., Suite 1200
Chicago, Illinois 60611-4264
Telephone: (312) 638-9600