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I do that too because maintaining security deposits is a pain. Super tenant friendly city and if you know the laws you can railroad landlords over it
What are the laws that benefit tenants so much?
Very normal. Security deposits are kind of a pain for the landlord because it needs to be in an interest bearing account I believe, and then they need to itemize and explain why you aren’t getting it all back when you move out. An admin fee is just easier. It’ll probably go towards getting the condo professionally cleaned, patching up holes if you hang pictures, repainting, rekeying, etc. when you move out.
Yeah that’s pretty normal - not like you’d get the whole deposit back anyway
I charged my tenant a nonrefundable move-in fee (building had its own move-in fee to the association as well) in lieu of a security deposit as well to avoid the hassle (security deposits must be held in a separate interest-bearing account for the sole purposes of holding the security deposit, disclosures, etc. etc.) — as C1 notes, this is fairly common practice in Chicago given the otherwise extremely tenant-friendly laws.
You can ask your landlord if they will accept a security deposit instead. You can think through what you would prefer if they are open to it.
Sorry, realize you said he isn't interested. My landlord agreed to a deposit instead so worth asking. It can feel risky, but assuming they are reasonable and its only a couple of years, its obviously better to get your money back.
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Thanks everyone! I just went ahead and signed and paid the $500. Thank you
This is common in chicago