A Springfield-Focused Crash Course for New Landlords
Leasing out your first property looks simple—until late fees, fair-housing rules, and midnight maintenance calls hit all at once. Use this quick primer to sidestep rookie mistakes, stay legal in Illinois, and protect your cash flow from day one.
1. Nail the Lease Basics
Fixed Lease Term (12 mo. is standard)Rent Due Date + Grace PeriodMaintenance ResponsibilitiesEntry Notice
| Why It Matters | |
|---|---|
| Require 60-day non-renewal notice to minimize vacancy gaps. | |
| Illinois allows late fees as long as they’re “reasonable”; spell out amount + start date. | |
| Add a “tenant changes furnace filter every 60 days” clause—skips costly repairs. | |
| Put it in writing to avoid privacy disputes. |
2. Don’t Trip on Legal Landmines
Fair Housing – Source-of-income is now protected in Illinois; you must accept voucher applicants if they qualify.
Flood Disclosure (765 ILCS 705/25) – Effective 1-1-25: every lease must include a FEMA flood-risk statement—even if you have “no knowledge.”
Reusable Screening Reports – Starting 2025, you can’t charge an application fee if the prospect brings a valid 30-day screening report.
Security Deposit Rules – If you hold > 25 units statewide, you owe interest on deposits. Return balance + itemized deductions within 30 days of move-out.
3. Screen Like a Pro (Even on One Door)
Minimum Criteria (write these down before you advertise):
Credit score ≥ 600 (or no active collections)
Monthly income ≥ 3× rent (verify pay stubs & bank statements)
Clean eviction history (last 3 years)
Criminal background: deny only for current illegal activity or violent felonies—stay consistent to avoid discrimination claims.
Consistency = Defense. Apply the same checklist to every applicant; save printed results in case you ever need to prove non-discrimination.
4. Most Common Rookie Mistakes
| Mistake | Painful Result | Fix |
|---|---|---|
| Verbal Agreements | “You promised I could pay late.” | Always sign addenda; no text-message deals. |
| Underpricing | Money left on table + low-quality leads. | Pull five comps within 1 mile; price within $50 of average. |
| Overpricing | 1-month vacancy = 8 % annual revenue lost. | If no showings in 7 days, drop $50. |
| DIY Maintenance | Poor fix causes bigger damage. | Build a vendor list before move-in. |
| Ignoring Documentation | Security-deposit disputes. | Photo/video walkthroughs at move-in and move-out. |
In Short
Being a first-time landlord is less about luck and more about process: a solid lease, consistent screening, and strict compliance with Illinois rules. Master those fundamentals, and your rental will feel like an asset—not a second job.
Disclaimer: This article is informational only and not legal advice. Consult an Illinois real-estate attorney or licensed property manager for guidance specific to your situation.
