This is a question I receive multiple times a week. During the past several years, it has become a large factor in the Real Estate community due to short sales, foreclosures, Relocation and potential buyers not qualifying or having the down payment for a mortgage.
The 1st Quarter of 2013 which is usually a slower period for rentals, 374 properties were rented in less than six weeks. This is compared to 873 homes which were sold during the same time frame and areas. The typical rental market usually becomes busy May thru August to get children into a school district and warmer temperatures allow for an easier move.
If you are considering renting a home in the near future, you should have the required paperwork completed along with a Credit Report with your current FICO score (not more than 6 months old), 2 recent paystubs and a letter from your employer before you start looking. A typical rental will want first month’s rent and one month’s security deposit. The lessee does not pay any fees to the Realtor, rather it is the home owner/Lessor which hires and pays the Brokerage firm to market their property.
Some rentals are pet friendly and will require an additional pet deposit. This amount is negotiated with the Rental Agreement and may or may not be refunded.
I recommend to my clients, treat the rental as if it was your own home and return the home to the Lessor in the condition you rented the home. The home owner/Lessor will appreciate this and will be agreeable to returning your security deposit in full. If there is damage, depending on the amount, the Lessor will keep some or all of the security deposit to pay for repairs outside of minor day to day usage.
Please call me if you are thinking about renting a home, town home or condominium.
I average 12-15 rentals per year .
Areas: Deerfield, Riverwoods, Highland Park, Lake Forest, Lake Bluff, Northbrook, Glenview, Vernon Hills, Buffalo Grove, Lincolnshire and Mundelein, Illinois.
Pam.Devendorf@cbexchange.com:
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