Chicago condo Security Deposit VS Move In Fee (Admin Fee) ?

[Sihang Sun]

Hi Chicago, 

For all the Chicago landlord out there, do you guys do Security Deposit or a non-refundable Move In Fee (Admin Fee) ? 

I own a condo unit in Chicago downtown area. Someone has suggested me to do Move In Fee (Admin Fee) instead of security deposit. Or someone call it Admin Fee. Basically, it is a non-refundable fee charged by landlord to new tenants when they move in and may use to cover turnover costs later.

To be clear, my HOA charge a $350 non-refundable move fee and a $300 refundable move in deposit. This $500 Admin Fee is on the top of what HOA charged. This is a total of $350 (HOA charge) + $500 (Admin fee) = $850 non-refundable fee. Will this scare off applicants?

Also, what do you guys name this fee? Since HOA charge a Move In Fee. I don't want to confuse people by saying another Move In Fee by landlord.

Thank you!