In Illinois, landlords are allowed to require tenants to provide a security deposit. The purpose of a security deposit is to ensure that tenants will not cause any property damage beyond normal wear and tear or fail to pay rent as agreed upon in the lease. It is also a form of protection for landlords in case of breach of contract on the tenant’s part.
The maximum amount that landlords in Illinois can charge for a security deposit depends on the number of units in the building. If the building has less than five units, the maximum amount of security deposit a landlord can demand is equivalent to two months’ rent. If the building has five or more units, landlords can demand up to one and a half months’ rent as a security deposit.
It is important to note that landlords in Illinois must return the security deposit to the tenant within 45 days of the lease ending, or provide an itemized list of the deductions made from the deposit if any. Deductions may be applied if the tenant fails to pay rent or causes damage beyond normal wear and tear.
There are certain exceptions to the amount of security deposit landlords can charge. For example, landlords who rent subsidized housing to low-income tenants may be subject to different rules and regulations when it comes to security deposits. Additionally, landlords who rent to tenants on a month-to-month basis may be able to charge a higher security deposit to protect themselves against tenants skipping out on rent.
In summary, landlords in Illinois can require tenants to provide a security deposit, and the amount they can charge depends on the number of units in the building. It is important for landlords to follow the laws and regulations relating to security deposits, including the timely return of funds and providing an itemized list of deductions if applicable. As always, if you have any questions or concerns about security deposits or any other legal issues related to renting, it is a good idea to consult with a licensed attorney.
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