All Forum Posts by: Antonia (Toni) Foster

Thanks @James Mc Ree. Appreciate the input.

Hi @Troy Zsofka

Thanks for your input. I am still on the fence but will definitely keep that in mind next time I have a vacancy. 

The security deposit laws in Chicago are pretty strict. I rather just get the nonrefundable moving fee and one months rent and be done with it. Otherwise you have to worry about putting the money in an interest bearing account and having to return it to the tenant at the end of the lease if they decide to leave. Plus there are always costs involved to get a new tenant. The security deposit is technically not mine whereas the move in fee is and I can use it to change the locks, paint and whatever else needs to be done to prepare the place for the tenant.

Thanks Steve. I am in Chicago and can do either a move-in fee or security deposit. I probably should have read into it before filling the vacancies. I would have definitely gone with the Move-in fee.

Hello,

I'm a newbie. I recently purchased a 3 unit rental property. It is fully occupied with great tenants. I charged security deposits but from the discussions I've been reading it sounds like a Move In fee is the way to go.  So I'm wondering if any of you have any input about changing from a Security Deposit to a Move In fee during the renewal of the lease? or if this is even an option.

And if I go with a move in fee, can the Security deposit be credited to the tenant as the last months rent?

I'm thinking it be best to just start fresh with my next tenants but wanted to get your input.