Private market rentals

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When first starting out, many people aren’t in a space to financially or mentally to take on the task of owning their first home. That’s where rental housing comes into play.

Rental housing allows you to pay a property owner— also known as the landlord— for the right to live in their property. Your rental agreement or lease is a written agreement between you (the tenant) and a landlord that explains the details of the use and occupancy of the property. A lease has to be in writing if the rental period is more than 1 year.

Lease options include:

Fixed Leases - A written agreement between you and your landlord for a set amount of time. Fixed leases most commonly last 1 year. Curious about what you might find on a fixed lease? Click here.

Month to month- a verbal or written agreement between you and your landlord with no set end date to the lease. You are responsible for the agreed upon rental cost each month, however month to month leases do not lock in your rental cost. This means that from one month to the next, your landlord can raise your rent as long as they give you a 30 day notice of any changes. In Illinois, you or the landlord are also free to terminate your month to month agreement with a 30 day notice. Curious about what you might find on a month to month lease? Click here.

Sublet- Subletting allows you to take over the lease of someone who has to leave their rental before the term of their lease is up. This term could be for the remainder of the lease, or for a portion of the lease. If you sublet, you will be called the subtenant in the lease and sublet addendum that you will be required to sign. Sometimes if you sublet through the remainder of the lease, the landlord may give the option of signing a fixed lease as the primary tenant for the next year. For more information on subletting click here!

For more information on housing check out these additional topics on Day2Day: