New Lease Form Released
Late last week, the City of Chicago finally released its separate summary of security deposit interest rates for the new year. Once the summary was made available, the Chicago Association of Realtors (CAR) could finally go live with the 2020 version of their residential Chicago lease for properties governed by the Chicago Residential Landlord and Tenant Ordinance. Based on my own experience, the CAR form seems to be the most widely used lease in the City of Chicago. In fact, when I draft leases for my clients, I use the CAR form as the base lease and then add a rider that goes a bit deeper than the main form. It’s my favorite starting point for Chicago leases. While the content of the form has not changed too much this year, there are some new changes in formatting that make the lease easier and smarter to use. Let’s take a look at those: