Chicago Move In Fee. What is everyone Charging

[Sean McKee]

Hello Everyone!

I’m closing on a 4 unit in Little Village next week. I have rentals in Cicero and always charge security deposits. However I’m leery to do so in Chicago. It seems too risky with the current laws.  I’m definitely leaning towards move in fees. I’d like to charge 300 to 375. Little Village might be a little less than that. However I definitely would prefer to charge as much as possible.

What do you charge? Or do you stick to security deposits?

[John Warren]

@Sean McKee you should definitely do a move in fee in the city. You also want to make sure you use a Chicago lease. I would use the one from CAR. Lastly, there are rules governing how much the move in fee can be. 

The fee is less than half of one month’s rent;
The fee is clearly described in writing as non-refundable;
The fee is not to secure the tenant’s full and faithful performance of the lease;
The fee is collected in advance of the move-in date