Signing your lease for a new Chicago apartment and having the keys handed over can be very exciting indeed. Still, this is not the time to celebrate – at least not yet. Before you sign on the dotted line, there are things you need to learn about your lease agreements.
It’s the fine print that matters when it comes your Chicago rental lease
Personal responsibility clauses– Make sure you fully understand your responsibilities under the lease. Every lease is different, so it does pay to look for any peculiar features. A privately owned rental, for example, might have a lease that spells out your maintenance responsibilities and even when nighttime noise must be cut down to a minimum.
Pet policy– This might not matter to you, but if you love cats and dogs, it will. Read this closely, especially if you intend to bring a critter into your apartment. Is there a pet deposit? Under what conditions is it returned? Is there a monthly pet fee?
Extra tenant regulations– Having a guest over for a few weeks is one thing, but most leases very clearly spell out when a “guest” becomes a tenant. Make sure this policy is understood and followed. Doing otherwise can result in a breach of contract.
Termination policy– Some leases offer very generous escape clauses for both the tenant and the landlord. While you’re probably not likely to get out of a lease, sometimes life happens and it becomes necessary. Understand what you might be up against before you commit.
Grievance policies– Some leases will include very detailed information on how complaints or concerns should be handled. Again, this is not likely to be necessary to employ, but it pays to understand the process before going in to a lease.
Rental price – Make sure the lease you sign reflects the payments you agreed to for the length of time you agreed to. Be very cautious to check for a match.
Rental increase policy – Some leases spell out very clearly when and how rental rates can be raised. Look closely for this and make sure it is understood. There is nothing worse than getting hit with a hike a year down the road that you simply did not plan for or expect to be coming.
Late fee rate – While this isn’t likely to be an issue, it is smart to make sure you know exactly what you are getting into if an emergency arises. Having a firm handle on the grace period can also be important. Is it a flat rate or a percentage of the rental price? Does it add up for each week that it’s late?
Maintenance policy - How long does the landlord or apartment manager have to repair leaky faucets, a broken air conditioner, or anything else that occurs during the lease? Who is responsible for the costs?
Most Chicago lease agreements are quite standard, straightforward and fair. Just to make sure this is the case with your lease, read it over closely before signing on the dotted line.
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