All Forum Posts by: Account Closed

Mike G, you asked a valid question.When she decided on the 2 yr lease, we planned finances , etc according to that.Now its very hard to re-adjust on our end and base it off a 1 year.There are many factors involved which I wont get into, but it completely throws us off now and trying to adjust our plans will be nearly impossible.She should have thought before she signed.This has taken up so much of my time already, and its probably just the beginning.
I have asked the moderators to please delete this post.Thanks.

Ok, I have decided not to change her lease based on a long conversation this past weekend with my husband.Yes, theres a risk in that, but we face an even bigger risk otherwise. Thanks to all of you for your energy and time, you are great people. For those who are curious, here's what I will write: (i will let everyone know what happens):

Dear (Name removed),

At this point we are not able to change the terms of the lease that you just signed on June 6. We don't allow tenants to break a signed lease.If you had asked for only a one-year lease before you signed a month ago, we probably would have agreed to it and planned accordingly.
We will continue to provide you with quality service in terms of your comfort in your home and give you a locked in rental rate at a time of rising rents. We are always trying to keep ourselves educated on the Landlord and Tenant relationship, and we would like to help educate anyone, especially our tenants, as we learn valuable information that benefit all. In this effort we would recommend you read CHAPTER 5-12 of the Chicago Residential Landlord and Tenant Ordinance (RLTO), which explains landlord and tenant rights and obligations.
Thank you for taking the initiative to make your request. It is much easier for all involved to have such communication. Please feel free to let us know if something does change when your lease is close to expiring, and we will work with you, but until then we hope you can find satisfaction for the duration of your lease.
Sincerely,

I wish there was a forum just for Chicago Landlords.I say this because before placing our ad, I read other ads in the Chicago area, both good neighborhoods and so-so, and a vast number were offering :No Security Deposit, only pay $400 move -in fee, " etc. At first our ad did require a sec deposit, but we wanted to be competitive. I would love to ask these Landlords/Management Companies how they plan on handling the tenant with no security deposit.

Kyle, great advice and letter, thank you!

I talked to my husband and told him all the great information and advice I received here, and he is livid about breaking her lease to a 1 yr.Hes the kind of person who always keeps a promise, and believes that a contract is binding, etc. He needs time to cool off. If we do decide to be "mean" and tell her no, how would you phrase the letter, just curious? The one I wrote initially I was told by everyone here sounds too mean and full of BS anyways, lol.I just want her to know that if she tries to leave and break her lease down the line without our consent, that there will be leagl action taken, that she is still liable for rent.How would you phrase the letter? Of course I will talk to her but I want a letter for record keeping.Thanks everyone, you all have been so helpful :)

I am leaning towards the simpler solution of just changing it to a 1 yr lease, no increases or fees, and only will require that she allow me to show the place starting in March.Her current lease had an odd start date somewhat of June 7, I know typically leases start the 1st. I am thinking to make it easier if I find a new tenant who wants to move in on June 1st as opposed to waiting until June 7, I should change her lease dates retroactively to say June 1, 2013-June 1 2014...Is that wise?

so just go down to a 1 yr lease, dont ask for a break fee, or a sec deposit, dont increase her rent now, keep it all same?

Hi, Mike Franco
"As far as she knows, you gave her a discount because she signed 2 years. "
I wish that were the case.When she signed the lease, she already knew the rent was 1400$, (either term) and I asked if she wanted 1 or 2 yrs, same price :(. Wish I could claim something else to that effect (free parking, etc) but it was all part of the ad already.

Fran, I am inclined to honor her request for a one year lease, however I wont do it unless she first pays me 1400$ security dep, which is 1 month rent.Hope that doesnt seem like Im being a nasty LL, but somethings gotta give!Until she pays the deposit, the 2 yr will be in place still.Then again, she can say no thanks, keep the 2 yr in place, but come next June, leave anyways!So much for contracts.Yeah, the law says shes responsible if that happened, but from what Im hearing here, Landlords dont collect much $ in court, its a waste of time.Dont know what to do at this point really.

If I decide to just write her a new lease, I feel I have the right to ask for a security deposit now, since it was waived at first.Now that shes asking for a 1 yr lease, I see her as higher risk, and if she doesn't like it then too bad.Your thoughts?