I'm sure this has been discussed somewhere but I'd appreciate if someone can give me some simple, quick and current insight into what range is typical in the Chicago market. Some details in case they are pertinent: Small condo in the Logan Park area. Rent was advertised as $1350 inclusive of all utilities (water, electric, gas, internet) or $1100 with none. Sec deposit - $2000.
What would be reasonable for a 6-month lease? A one-year lease?
Thank you so much!
Updated 5 months ago
btw, the 6-month lease is 6 months because the tenants will be leaving Chicago. So no chance of renewal.
Standard is 1 year = 1st months rent. I usually put in contract pro rated for shorter so for a 6 month would be a half first month as the fee.
@Maxwell Lee the first thing you have to know is that "standard" isn't legal according to anti trust laws, so the reality is you can negotiate this. With that being said, leasing is not a big money maker so most agents will ask for that 1 month's rent. If the place is vacant, you will probably also have a cooperative agent who brings the tenant. This co op agent gets 1/2 of that commission. Hope that helps!
Thanks for the replies, folks!