2027 Chicago Lease Checklist for Landlords
The changing of seasons and the new year is the ideal time to review more than just your rental rates and ensure your rental properties are in compliance and leases are ready for renewals and new tenants. If you own rental property in Chicago, it’s also a good time to make sure your lease and supporting documents are ready for new tenants and renewals.
A clear, up-to-date lease helps set expectations from day one. Our Chicago Lease Checklist can help you identify what to review and address before your next tenant signs or renews.
What Should Chicago Landlords Review in a 2027 Lease?
The documents and disclosures you need depend on your property, the tenancy, and the rules in effect when the lease is signed. Start your review with these essentials:
Lease Terms: Review the rent amount, payment procedures, lease dates, occupancy limits, and maintenance responsibilities. Make sure they accurately reflect your property and agreement.
Chicago Landlord-Tenant Disclosures: Determine whether the Chicago Residential Landlord and Tenant Ordinance (RLTO) applies to your property, and include the required summaries and disclosures.
Lead and Radon Documents: Properties built before 1978 generally require federal lead-based paint disclosures. Illinois radon disclosure requirements also apply to certain rental units.
Security Deposit Information: If you collect a deposit, review the applicable rules for receipts, handling, interest, and returns. Check the announced 2027 interest rate when it becomes available.
Property-Specific Addenda: Update applicable pet, parking, utility, and building rules so they match how your property is managed.
Signed Documents and Records: Keep copies of the lease, addenda, disclosures, and any required acknowledgments organized and accessible.
Before using your packet in 2027, verify current city, state, and federal requirements. Rules and required forms can change, and exceptions may apply.
Make Lease and Tenant Management Easier with PRG
A lease is only the beginning. Chicago landlords also need to manage renewals, tenant communication, documents, and the everyday questions that come with owning a rental property.
PRG Management provides investment management support for Chicago property owners, that includes support with leases, record-keeping, and tenant-related matters. With our experienced Chicago property management team handling the details, you can spend less time on paperwork and enjoy the benefits of rental ownership with fewer day-to-day headaches.
Ready to hand off the paperwork and tenant calls? Contact PRG Management to learn how our Chicago property management team can handle the details and make rental ownership easier in 2027. Learn more about our comprehensive Chicago rental management services.
A note for PRG Management clients: Keep an eye out for the updated 2027 Chicago lease at the end of the year or shortly after the new year. You’re also welcome to check in with our team about receiving the latest lease and preparing for upcoming tenancies and renewals.