When it comes to renting a property in Chicago, having a clear and comprehensive rental agreement is essential. The rental agreement sets out the terms and conditions of the tenancy, outlining the responsibilities of both the landlord and the tenant.
As 2019 comes to a close, it`s a good time to review and update your rental agreement to ensure that it complies with the latest Chicago laws and regulations. Here are some key considerations when drafting or updating your Chicago rental agreement.
Security Deposit Limits
In Chicago, landlords are legally allowed to charge tenants a security deposit, but there are limits to how much landlords can charge. As of 2019, landlords can only require tenants to pay a maximum of one month`s rent as a security deposit. Additionally, landlords must provide tenants with an itemized list of any damages deducted from the security deposit within 30 days after the tenant moves out.
Warranty of Habitability
Chicago landlords are also required to provide tenants with a habitable dwelling. The Warranty of Habitability ensures that the landlord maintains the property in a livable condition, including providing hot and cold water, heat, and electricity. If the landlord fails to maintain the property in a livable condition, the tenant has the right to withhold rent until the issue is resolved.
When it comes to ending a tenancy, both landlords and tenants are required to give notice. In Chicago, landlords must provide tenants with a 30-day notice for a month-to-month tenancy, while tenants must provide a 30-day notice if they plan to move out before the end of their lease term.
If you allow pets in your rental property, it`s important to include a pet policy in your rental agreement. This policy should outline any restrictions on the type, size, or number of pets allowed on the property, as well as any additional fees or deposits required.
A well-crafted rental agreement is essential for any landlord or tenant in Chicago. It ensures that both parties understand their rights and responsibilities and can help prevent disputes down the line. By keeping up-to-date with the latest Chicago laws and regulations, you can ensure that your rental agreement is legally sound and provides a clear framework for a successful tenancy.