ChitownLiving | Chicago Real Estate + Life

From time to time I handle high-end Chicago rentals for clients, either listing or searching for the perfect apartment.  Much like the world of residential real estate sales where buyers and sellers are protected by certain rules and regulations, the rental world runs in a parallel universe where landlords and tenants (lessor and lessee) are subject to their respective rules and regulations.  In Chicago, the document that outlines the rules of the game is the Chicago Residential Landlord and Tenant Ordinance.  Amazing how many times I see lease provisions in violation of this document. 

The rental process is as follows:

• Tenant searches for an apartment either on their own or with an agent from a brokerage or apartment finding service.  In Chicago the apartment market is highly fragmented with listings being slit across many systems.
• Once an apartment is found then negotiation begins.  Everything is negotiable from the monthly rent to the amount of the security deposit.
• Once a meeting of the minds is reached the prospective tenant completes a rental application which usually allows the landlord to pull credit.
• Assuming that credit comes back clean then a lease is prepared by the landlord and presented to the tenant for signature.

As mentioned, in Chicago, the lease is subject to the Chicago Residential Landlord and Tenant Ordinance.  Know your rights, landlords and tenants alike visit the Metropolitan Tenants Organization for some great tips and to review the CLTO.