Create an Illinois Month to Month Lease Agreement with our customizable template!
An Illinois month-to-month lease is a short-term rental agreement between the landlord and tenant. A month-to-month tenancy renews at the beginning of each month. Technically, this type of lease is only for 30 days. However, the parties may find that the arrangement is so beneficial that they decide to make the lease term indefinite.
A month-to-month lease agreement must comply with Illinois landlord-tenant laws. An Illinois month-to-month rental agreement should contain the same provisions as a fixed-term lease, including:
The Landlord and Tenant Act of Illinois is found in 765 ILCS 705. State law does not limit the amount that a landlord may charge tenants as a security deposit. However, the state law stipulates that if the rental property has five or more units, the landlord must return the security deposit to the tenant within 30 to 45 days of move out if deductions are removed. If deductions are taken out, the landlord must provide an itemized statement of those deductions.
Understanding Illinois state law and federal law is vital for landlords and property managers. You may want to seek legal advice. It will help you understand the rights and obligations created for yourself and Illinois tenants when entering a residential lease agreement. You will learn more about protecting your interests in real estate and what you should do if the prospective tenants miss their rental payments.
Under 735 ILCS 9-207, the notice period for lease termination for an Illinois month-to-month lease is 30 days. It must be a written notice.
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