What do landlords want to see? (Chicago: apartments, rentals, good credit)

[sfcambridge]

I'm moving to Chicago soon, and wondering what paperwork I have to gather for a future landlord?

For my last apartment in San Francisco, I had to gather all of this before the apartment management company would consider me for a lease.....

1) Credit report
2) Letter of good standing from my current landlord
3) Letter from my employer stating confirming my job
4) A copy of my bank statement (!)

This was a pain... and seemed ridiculous to me.

What is the deal in Chicago? I am hoping I don't need all of this...

Thanks for your help. You guys have been really helpful. I am going to most likely be looking for apartments in the Streeterville/River North area.

[long101]

it depends from landlord to landlord. Almost all of them will have you fill out a credit app and rental history. Most credit apps include banking info and employer info so you dont need a bunch of forms. Everytime Ive rented a place thats all ive done.

[jessiegirl_98]

Actually, Chicago was one of the easier cities to rent in. We just had to fill out an application and they ran a credit report (I also had one place that didn't require anything but a deposit)

[sfcambridge]

Thank you long101 and jessiegirl!

[UnsunnedSnow]

I'll be renting an apartment for 7/1 and wanted to ask how common income requirements are for apartment rentals. I've run into one place that has such req'ts and will require a cosignor. Bit embarassing to have to ask my parents to cosign at this point/age but I'm willing to do so, if absolutely necessary.

Also, and I've tried some googling to get this info but haven't across it yet, do most apartments in the city convert to month-to-month rentals once the initial lease period has expired? or is it more common for landlords to require you to resign the lease/sign a new one? Do tenants have to give notice by the 10th of the month? The City of Chicago Residential Landlord and Tenant Ordinance Summary didn't really answer this for me. ?

[long101]

Originally Posted by UnsunnedSnow

I'll be renting an apartment for 7/1 and wanted to ask how common income requirements are for apartment rentals. I've run into one place that has such req'ts and will require a cosignor. Bit embarassing to have to ask my parents to cosign at this point/age but I'm willing to do so, if absolutely necessary.

Also, and I've tried some googling to get this info but haven't across it yet, do most apartments in the city convert to month-to-month rentals once the initial lease period has expired? or is it more common for landlords to require you to resign the lease/sign a new one? Do tenants have to give notice by the 10th of the month? The City of Chicago Residential Landlord and Tenant Ordinance Summary didn't really answer this for me. ?

Every place I have rented has required to show proof of income. I cant really see a place not asking for this... So if you dont have an income or quite a bit in savings you will have an issue.

That will vary from lanlord to lanlord. Most lanlords would like to have you sign a new lease so they have a secured rental for the next xx months. However if they are unable to secure a rental or for whatever reasons a month to month is can happen.

Im not sure about that it has never said anything in my leases about notice. Personally I always give 30-45 days to be kind.

[UnsunnedSnow]

I'm coming from a smaller rental market so I'm not surprised that there is a bit more documentation required here. Actually, I've found a few places that require only a credit check- no income verification- and only a very small move-in fee, but I sort of take this as a bad sign; would rather live in a place that screens people a bit more vigorously, even if it creates extra paperwork for me!
Interesting about giving notice earlier. In my current state, notice isn't required until 20 days before and for the most part people follow this to the day. I've also never had to renew a lease, nor known anyone who had to- always just switches to month-to-month. But, very much looking forward to this move and can't want to have the apartment situation all figured out!

[Organized Mess]

Most management companies and brokers working with private owners will ask for (or at least my company does):

1. Credit report
2. Verification of employment/income
3. Previous landlord history

Typically, to get apporved for an apartment, you need to make 3x's the rent in gross income. For example, if your rent is $1,200, your monthly income should be at least $3,600. If not, then most reputable management companies will require a cosigner. If you cannot produce a cosigner, be willing to offer more than a month's security deposit or the first 2 to 6 month's rent and/or a bank statement of savings.

[Snowden Is Cold]

So what if I've never rented before and don't have recommendations from previous landlords? Do I need personal/professional references?

[surlycue]

^^a parent with a good credit score to co-sign on the lease might also help.