What is the Average Move-In Fee in Chicago? Move-In Fees vs. Security Deposits
When working with renters, we are often asked about the average move-in fee in Chicago and the difference between move-in fees and security deposits. If you are still looking for an answer to either of these questions, you have come to the right place.
Move-In Fees vs. Security Deposits
To start, let’s distinguish between move-in fees and security deposits. As a renter, you will likely encounter both of these costs.
Most prospective renters are required to pay a security deposit to help protect the property. This agreed-upon amount will be returned to the tenant if the property is still in acceptable condition at the end of the lease. If there has been notable damage, the landlord will deduct those costs from the security deposit based on the damage.
In Illinois, there are limits and deadlines regarding these deductions. While there is no limit on the amount a landlord may charge as a security deposit, they may only deduct unpaid rent, damage over normal wear and tear, and cleaning costs to return the unit to a move-in-ready condition. Additionally, a landlord must return the appropriate deposit within 30 days.
Move-in fees are another initial cost required upon signing a lease. However, unlike a security deposit, they are non-refundable. This fee often covers additional costs associated with managing the rental property, such as repairs or maintenance.
The cost of both security deposits and move-in fees often depends on the rental property’s value. A security deposit typically equals one month’s rent in Chicago and other places.
Anticipating move-in fees is not as straightforward. They can range anywhere from 20% to 50% of one month’s rent price. In Chicago, the average non-refundable move-in fee can cost someone $425 to $700.
With the average move-in fee in Chicago varying so much, you want to make sure you figure out this cost prior to signing your lease.
If you are currently in the midst of searching for a Chicago apartment, let the Luxury Living team secure your next home! Contact us today to get started with our complimentary apartment-hunting service!
Have more questions about your apartment search? We’ve answered a few of your highly-asked questions. Follow the link below:
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