The City of Chicago and the Chicago Association of Realtors have recently released the 2024 Chicago Lease. This documentation is updated annually and offers updated protection for all renters in the City of Chicago. Making the 2024 Chicago Lease essential to the Chicago real estate and renters’ market for all tenants, landlords, and property owners.
To request a digital copy of the 2024 Chicago Lease, please fill out the form below!
According to the Chicago Association of Realtors report: “There were no new laws that went into effect in 2024 that would impact the lease; however, revisions were made to include the 2024 Bilingual Security Deposit Interest Rate Flyer, language adjustments to create consistency between certain phrases/lines, remove duplicate text and to tighten up language where there may have been some ambiguity. Additionally, the included pamphlets have been rotated to landscape to aid in electronic reading and e-signing.”
So while the new 2024 Chicago Lease doesn’t have any new “protections” for tenants, it does help modernize the process by making the document more accessible in both its language and ease of use. There are however some new laws in effect separate from the Chicago Lease such as a new ban on requiring specific payment forms. Starting in 2024, landlords in Illinois cannot require tenants to pay rent through electronic funds transfer systems, as per state law.
Pearson Realty Group employs these leases with all of its clients regularly. We always recommend adding additional layers of protection with their appendix. The 2024 Chicago Lease is an essential requirement for every Chicago landlord so be sure to get your copy today by filling out the form below! If you’re a tenant looking to rent an apartment or need assistance with vetting potential tenants and completing background checks, please contact us for assistance.
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