Hello Landlords

You probably only found this page if you received my postcard, so here is the promised information:

The Chicago Association of Realtors surprising caution to landlords:

The Chicago Association of Realtors now cautions landlords about accepting security deposits. Specifically, they say this:

"It is the policy of the Chicago Association of REALTORS® that some provisions within the Chicago Residential Landlord Tenant Ordinance (CRLTO) are difficult if not impossible for owners of rental properties and agents acting on their behalf to comply with as it subjects the landlord to extraordinary penalties for even the most innocent of errors. Specifically, the mishandling of security deposits or interest payments on those deposits automatically provides penalties in the amount of:

 • Two times the security deposit + the return of the original value of the initial security deposit + the properly calculated interest + “reasonable” plaintiff’s attorney’s fees. 

We strongly recommend owners and their agents of ANY residential property, including condominiums, to consult with an attorney prior to accepting any deposits."

My thoughts: When I started out leasing in 2003 almost every landlord held a security deposit. Now about 15% of the landlords I rent for hold them. I always follow the landlord's direction, but I advise against them for the same reasons described above. 

An Illinois law directly affecting nearly all Chicago landlords:

In Cook County, landlords are required to change or rekey the lock on rental units before new tenants take possession, or else face potential liability if a theft occurs. 

It's a short law and can be read here: https://www.ilga.gov/legislation/publicacts/fulltext.asp?Name=097-0470

Like many real estate laws and regulations, this does not apply if the rental apartment is in an apartment building with 4 units or less when one of the units is occupied by the owner, or for the rental of a room in a private home that is owner-occupied.

The law also says, "the provisions of this Section do not apply if the lessee has obtained the right to change or rekey the dwelling unit lock pursuant to a written lease agreement."

Bonus Fact:

Did you know that 63% of our neighbors in Buena Park rent their homes? All Northside neighborhoods somewhat close to the lake have a similar percentage of renters. 

Citywide, 54% of households in Chicago rent their homes.