Legal Question in Real Estate Law in Illinois

I have a long term tenant in a property I own. Recently, there was extensive water damage due to tenant error/neglect. After insurance coverage, there was still significant expense for me out of pocket for full repairs (approx. $2K). It's now time to begin discussions on a lease renewal. Due to this damage, the tenant's full deposit has now been consumed to cover this cost. What is the precedence for requiring a new deposit as part of a lease renewal?


Asked on 7/31/14, 7:13 pm

1 Answer from Attorneys
Henry Repay Law Offices of Henry Repay

Assuming the lease is ending by its own terms or you properly give notice of the termination of the current lease, you are negotiating a new lease. There are no limitations on what you can do. You could, for example, increase the rent tenfold, but then you probably would not reach agreement, The issue is more what can be proposed that works for both parties or what is your breaking point for finding a new tenant who can and would pay the deposit and rent that you feel is appropriate.

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Answered on 8/01/14, 5:50 am


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