An Illinois standard residential lease agreement is a legally binding contract tailored for tenants and landlords in the state, delineating the terms governing the rental of residential properties.
It covers essential specifics like lease duration, rental payment arrangements, security deposits, maintenance responsibilities, utility agreements, pet policies, lease termination procedures, and potential lease renewal or extension provisions.
Lease Length Considerations
- A lease can be oral or written. Written leases are common, specifying terms and conditions binding both parties. For leases longer than one year, a written agreement is required.
- When a lease is not in writing or does not specify a duration, it is often considered a periodic lease. The frequency of the rental payments usually determines the period of such a lease. For example, if rent is paid monthly, the lease is likely considered month-to-month; if rent is paid weekly, the lease defaults to week-to-week.
Required Disclosures
- Smoke and Carbon Monoxide Disclosure
- Radon Disclosure
- Shared Utilities Notice
- Rent Concessions Disclosure
- Disclosure of Lead-Based Hazards
For further details on mandatory disclosures and relevant laws, please refer to our Illinois lease agreement page.
Security Deposit
- Maximum Amount ($): No state-imposed limit
- Returning to Tenant: Within 30 days if deductions were made. Within 45 days after the tenant leaves the premises [1] .
Rent Payment
- Grace Period: There is a five-day rent grace period in Illinois [2] .
- Maximum Late Fee: $20 or 20% of the rent amount, whichever is greater [3] .
- NSF Fee: $25 [4] .
Landlord Resources
- Landlord-Tenant Laws – Landlord and Tenant Act.
- Handbook – Illinois Housing Handbook.
