New 2023 Residential Lease & Security Deposit Interest Rates Now Available

The 2023 Chicago Residential Lease is now available on our Forms & Contracts webpage. Changes to this year’s form include:

  • Addition of the 2023 Security Deposit Interest Rate Flyer
  • A default start/end time.
    This has been written into the lease should a member or landlord not specify this in the lease start and end date sections. This was based on feedback that if left blank, a tenant is owed possession at 12:00 AM on the lease start date, or has possession rights until 11:59 PM on the lease end date. The new lease terms state that if a lease start time is not specified, it shall be 8:00 AM on the lease start date; and if a lease end time is not specified, it shall be 6:00 PM on the lease end date. These times were chosen to remain consistent with our defined business hours in other contracts. It should be noted that this change does not prevent the parties from mutually agreeing to a different time. Any reference to Lease Beginning Date and Lease Ending Date throughout the lease have been updated to this new defined term and now includes time.
  • New Confirmation of No Agency section.
    We have heard feedback that the previous Dual Agency section is often improperly completed, as a licensee may not be acting as a Dual Agent but as a non-agent to the tenant for the particular transaction. The license act allows for non-agency with proper notice.

The Chicago Residential Lease is an excellent member benefit for all Chicago REALTORS® and their landlords.  This lease is vetted each year by practitioners and attorneys to ensure compliance with Chicago ordinance.  It is well recognized by judges and attorneys across the city, and we highly recommend use without alteration. Members should cease using any earlier version of the Chicago Residential Lease. Ensure you are using the new lease, which is editable, available here.

The 2023 Exclusive Rental Listing Agreement is also available to download on our Forms & Contracts page. This Agreement is updated to include the 2023 Security Deposit Interest Rate Sheet.

Review the new state and City of Chicago security deposit interest rates here.

Please note the 2022 lease document was designed to expire at midnight on Dec. 31. This was meant to protect members from using old leases, which could cause liability to themselves and/or their clients.

A reminder that the Chicago Residential Lease, and all of CAR’s forms and contracts, are an exclusive member benefit for use only by Chicago Association of REALTORS® members or those who are party to a transaction facilitated by a Chicago Association of REALTORS® member. Distributing or posting any of CAR’s forms and contracts is a copyright infringement and a violation of the terms of use of our forms.