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Tag: chicago landlord regulations

Chicago Landlord Tenant Ordinance

In this housing market more and more people are opting to rent—that includes people choosing to rent instead of buy and owners who are choosing to rent their homes instead of sell them during this tough time.  That makes for a lot of first time landlords.  If everything goes well and the tenants love the place and the landlord is responsive, no further information is needed.

Unfortunately, as with all things in life, the best case scenario is not always what actually transpires. Luckily there is an ordinance in place that governs the landlord-tenant relationship.  It is heavily geared toward protecting tenants and puts a lot of responsibility on landlords. The consequences of not following the ordinance can be significant and it is critically important that all landlords understand their rights and responsibilities—they start at the time you take a deposit and continue for the term of the lease.

As of January 1, 2012, there are a couple more requirements that have been put in place which include additional disclosures and a requirement that a landlord change the entry locks for EVERY new tenant.  Whether you are a renter or a landlord, you want to make sure that you have a good grasp of the ordinance, what is required and the remedies if one party or the other does not perform.

It is a common misconception that renting a home is much easier that buying one. Certainly there is less paperwork involved but much of the same due diligence should be exercised.  Choosing qualified representation is a critical step in becoming a landlord or choosing the right home to rent.

Copies of the Landlord Tenant Ordinance and Security Deposit Summary, as well as all disclosure forms can be found in various places all over the internet.  Unfortunately, like many lease forms out there, they are outdated or illegible.  The ordinance takes precedence so just because you write something into a lease, doesn’t necessarily make it enforceable.  Contact me for the most current information and to talk about how the ordinance may affect you.