Security Deposit + First Month’s Rent

SECURITY DEPOSITS

Security Deposits can be a source of confusion for tenants. Here are some FAQs that we hope will answer your questions. If not, email us at: evanstonrentals@hotmail.com

 FAQ
1. Is a security deposit rent?
 No. A security deposit is not rent. It is a separate payment required by a landlord from a tenant to cover the expenses of any repairs of damages to the premises greater than normal “wear and tear.” It can also be used to pay for unpaid utility bills or other charges that the tenants has neglecyed to pay, for which the tenant is responsible.

 

2. When I sign my lease can I write one check for my security deposit and first month’s rent check?
No, security deposits and rent checks must remain separate at all times. You have to submit a separate check for your security deposit and this check must clearly be leabelled “security deposit for unit …” in the memo line.
3. Can a security deposit be used for a landlord’s personal expenses?
No, security deposits may not be used by the landlord for any reason other than physical or financial damages as a result of the tenant’s failing to comply with the lease contract AFTER the tenant has vacated the property.

 

4. Will my security deposit be returned to me?

If you have paid all your rent and utilities, and have not caused any damage besides normal wear and tear, yes your security deposit will be returned to you.

 

5. When will my Security Deposit be returned?
In the City of Evanston, the security deposit must be returned within 21 days of you surrendering possession of the apartment.

This is what your deposit should look like:

RENT

Rent is due on the first day of each month.  If no payment is received by the fifth (5th) day of the month, a fifty dollar ($50) late fee surcharge will be added directly to that month’s rent.  Five dollars ($5) will be added for each subsequent day of non-payment.

Rent can be brought to the office at 107 Green Bay Road in person or mailed to:
Evanston Rentals & Management LLC
P.O. Box 985, Wilmette, IL  60091

All checks must be payable to: Evanston Rentals & Management LLC.

Each month must be paid separately.

We accept only one check per unit. Therefore, we recommend you organize between yourselves who will write the check for the unit, or that you open a separate account and pay from this account.

Remember to indicate your address and the month being paid directly on your check.  For example:  2148 Maple Apt #1 September

If you have questions about lease terms, renewals, rental payment procedures and other accounting matters, please contact Mary at accounting@rentevanston.com or 847-920-2086 during normal business hours. (Email contact preferred.)

The business address for Evanston Rentals & Management LLC is:
107 Green Bay Road
Wilmette, IL  60091