Addendum to apartment lease concerning security deposit.
Illinois Addendum To Apartment Lease regarding Security Deposit
State:
Multi-State
Control #:
US-895LT
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Word;
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How to fill out Addendum To Apartment Lease Regarding Security Deposit?
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FAQ
A security deposit is typically equal to one-month's rent. In Chicago, there are strict regulations on security deposits. Landlords must promptly return deposits, and have limits on how much they can deduct.
There's no limit on the amount that a landlord may charge as a security deposit in Illinois, even in subsidized housing situations. Some landlords charge two deposits: one in case of damages and the other as an advance payment on the last month's rent.
On average, the cost of a security deposit is equal to one month's rent, but landlords often charge up to three months' rent. If other rentals in the area are charging around the same amount, it will be in your best interest to follow suit to give you a better chance of leasing your rental.
A security deposit is money you (the "tenant") pay to a landlord to cover damage or cleaning of rental property. However, a landlord can't keep the security deposit to cover normal wear and tear.
Illinois does not have a statutory limit on security deposit charges at the state level. Generally, it is acceptable for landlords to charge between one to two month's rent to be used as a security deposit. As for mobile homes parks, landlords may only charge up to one month's rent.
Most residential leases and rental agreements in Illinois require a security deposit. This is a dollar amount, usually one month's rent, that's intended to cover damage to the premises beyond normal wear and tear, and to cushion the financial blow if a tenant skips out early on the lease without paying.
Landlord deductions from deposityou've damaged the property. you owe money for rent, utility bills or other charges. items are missing. you haven't cleaned the property.
The agreement should clearly mention the amount of rent that you have to pay each month and the due date by which it has to be paid. In most cases, landlords ask for a security deposit which is usually equal to one or two months' rent amount. Mention the security amount in the agreement and when it will get refunded.
Returning the Security DepositThe landlord has 30 days from the date a tenant moves out to return the deposit if deductions are being taken from the deposit. The landlord must give the tenant written notice by mail or by personal delivery as to their intention to keep all or part of the tenant's security deposit.
