Move right in renting??

Question

My husband told me recently that there are houses that you can rent where you don't have to have a security deposit, or last months rent. If this is true can someone help me find some in IL ? we are desperately looking for a three bedroom in the Lake/McHenry county area.

Answer 1

It is true that a trusting landlord might demand no deposit.  This would not be advertised in advance.  You would have to speak to every landlord and tell her why you have very little money now but you'll have plenty to pay her in 30 days when the next rent payment is due. /

Answer 2

Some apartment complexes will run specials - low or no security deposit, low first months rent, last month free - when there are several vacancies and they are having a hard time filling them.

The long and short of it is that it is a marketing tactic. There are usually specific criteria that must be met - excellent credit, etc.

If the tenant gets approved they think they are getting a great deal.

I see them around my area with advertisements like "$99 Move In" or "First (or Last) Month Free".

Usually there is a catch - you are obligated to a one year lease and you really do not get anything free, the monthly rent is set a bit higher than if the tenant had paid the full months rent or provided a security deposit. They make up the $$ over the year instead collecting the first or last months rent.

If they do not make up the move in special over the term, they build a concession clause into the lease. If the tenant is late with the rent or moves out early, the move in concession is forfeited and the tenant must pay back the concession.

Answer 3

You have to ask each landlord. Offering a qualified co-signer may help.