Movement piece or security deposits are one of the biggest dilemmas of landlords in Chicago hi there this is Gabby your investor friendly agent and property manager in Chicagoland if you enjoyed this type of content Please Subscribe and hit that like button today I will discuss the movement of Peace versus security deposit renting out your residential property comes with risks you need to find good tenants draft lawful lease and secure your investment from any damages one of the biggest risks faced by landlords is property damages made by existing or outgoing renters for this reason landlords and property managers require the payment of either a moving fee or a security deposit to depray the cost of repair and other expenses so let's get down to business what are the differences between the movement fee versus the security deposit movement fees are typically non-refundable and unregulated fees paid by new tenants upon lease site it covers the cost of accommodating and processing new tenants such as changing directories and programming security systems they are favorable to tenants because they cost from thirty percent to fifty percent of one month's rent and they are very liquid since they don't need to be deposited in a separate account required by Chicago laws so for example North centers median rent of two thousand ten dollars on the low end of moving piece is about 600 and on the higher end it's about one thousand dollars but with this option you run the risks of less incentive for tenants to be careful with your property and should there be serious repairs needed the moving theme might not suffice for the repair costs now let's talk about the security deposits the industry standard is of course the security deposit unlike the move-in fee...
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About Chicago Residential Lease
A Chicago Residential Lease is a legal agreement between a landlord and tenant outlining the terms and conditions of renting a residential property in Chicago, Illinois. It is a binding contract that defines the rights and responsibilities of both parties during the lease term. The lease contains various clauses covering aspects such as rent amount, duration of the lease, security deposit, maintenance responsibilities, pet policies, late fees, termination procedures, and other important provisions relevant to the tenancy. Anyone planning to rent a residential property in Chicago, whether it's a house, apartment, condo, or any other type of dwelling, needs a Chicago Residential Lease. This lease serves as a crucial document for both landlords and tenants to protect their interests, maintain a professional relationship, and address any potential disputes that may arise during the lease term. It ensures clarity and transparency regarding the obligations and expectations of both parties, promoting a smooth and comfortable living experience for the tenant while safeguarding the landlord's property and legal rights.
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