Security Deposit - Chicago

trumpisaheroe

Hi Folks,

I was reading a few things online about Security deposits = to a months rent are now really a thing of the past unless for top of the range places. E.G looking at this place
apartments.com/500-station-blvd-aurora-il/mklk83k/

It charges an
Admin fee: $300
Application Fee: $75

Most places are like this in Aurora. Is there a security deposit = to a months rent on top of this.

I'm moving over on a J1 in around four months.

HDMI

My wife's parents own multiple rental properties here in NC and they charge a full months rent plus a full month deposit. Then you have extra fees for pets and penalty fees for late payments, cleaning charges in some cases are also added.

I am not sure why any landlord would take a chance and rent without a security deposit. Check out rental listings for the area on Zillow and it will generally give you a good idea of what to expect.

boreder

It's not unusual for apartment complexes to ask for deposits less than a months rent. It will usually depend on a few of things; length of lease, credit score, history of renting, etc. The first apartment I got when I arrived here asked for a $500 deposit, which was ~15% of the monthly rent. You'll also probably need to think about other deposits too; the internet company wanted me to pay 3 months in advance because I had no credit score, for example.

Duckworth_Luas

I actually live in Chicago in an apartment which is leased off an agency.

There was no deposit. Instead I paid a once off admin fee which is to cover their costs including when they run a background check on you.

The background check includes your credit history. If you have a poor credit rating they will insist you have a co-signer, such as a parent, who will cover your rent if you find yourself unable.