Paying rent upfront

[Catherine Brennan]

Hi BP Community:  I may need to consult with an attorney on this, but I was informed by a property manager that collecting rent in advance (ie 3 months, 6 months, etc..) could pose a problem for Landlords in Chicago due to Tenant Law.  If this amount is collected upfront, it's considered a security deposit and requires interest to be paid on it.  Additionally, if sued, the judge could use that amount collected as a base number which exposes the Landlord to a higher penalty amount than if just a security deposit was collected or move-in fee.

Anyone know more about this? 

[Ronan M.]

If it was a multiple offer situation don't just take the candidate that can throw the most cash at you. Take the candidate(s) that are the best qualified and best meet your screening requirements.

A coke dealer could possibly pay a few years upfront rent...but do you want to rent to them just based on that !!

Hope it works out for you.