Signing a lease on an apartment in Chicago can be daunting. There is a plethora of paperwork, legal ease, and decisions you have to make on the fly. So here are 3 things you need to know before you sign on the line that is dotted!
1. Lease Renewal Option
Let’s say you love the place and before you know it you're coming up on your renewal period. You reach out to your friendly landlord to extend for another year and he tells you he would love for you to stay, however, the rent will go up $200.00+ a month! So now what do you do? It's expensive to move and you love the place so you pay it.
Let’s go back to the beginning, if you had written a clause into the lease that gave you an “Option” to renew and included in that option was a specific “Rent Bump” which…