When parents living in Savoy decided to downsize from their long-time home, their child helped them look for a rental. However, once they started, endless questions arose. How much should the rent be? Where can they find tenants? What should be included in the lease? Going through these step by step, it's not as difficult as it seems.

The first question is, of course, the rent. Savoy is a small town close to the University of Illinois Urbana-Champaign, so there is a steady demand from students. According to rental data, as of August 2026, the average rent for a one-bedroom in Savoy is around $1,270, while studios are about $1,255. The overall average varies slightly between $1,200 and $1,300 depending on the source. To get an accurate figure, it's practical to compare a few nearby listings. If it's a home where parents have lived for a long time, it's worth considering that recent remodeling history can also affect the market value.

The overall rent in Savoy is lower than the national average of $1,644. Since there is student demand in the area, it's also worth noting that listings tend to receive a lot of inquiries if posted during the summer before the semester starts.

The next question is where to find tenants. Posting listings on Zillow Rental Manager, Apartments.com, and Facebook Marketplace is standard, and if it's near a college, utilizing the off-campus housing bulletin boards can also be beneficial. Clearly stating the rent, security deposit, move-in date, and pet policy along with photos can reduce response time. If there are hardly any inquiries within a few days of posting, it's a good signal to reconsider the rent price.

The third question is how to screen tenants. The screening process involves checking credit scores, income verification, and past rental history. It's common to verify that the monthly income is at least three times the rent and to check for any history of late payments with previous landlords. Keeping the criteria consistent based on credit, income, and rental history can help reduce disputes later. For student tenants, it's also common to substitute income verification with that of a parent or co-signer. When multiple people apply together, including all roommates' names on the lease clarifies responsibility later on.

• Lease term, rent amount, and payment date
• Security deposit amount and return conditions
• Responsibilities for repairs and maintenance
• Pet policy
• Notice period for lease termination

The fourth question is about the lease agreement. The lease should include the lease term, rent amount, security deposit amount and return conditions, repair responsibilities, and notice period for lease termination. Oral agreements can lead to differing memories later, so it's safer to document everything. The items to include in the lease are as follows.

The fifth question is about the security deposit. Illinois does not have a specific cap on security deposits, but according to the security deposit return law effective from 2024, if there are no deductions, the deposit must be returned within 30 days, and if there are deductions, a detailed statement must be sent first, with the balance returned within 45 days. Failing to meet these deadlines can result in being liable for up to double the deposit.

The final question is what to do if the tenant fails to pay rent. In Illinois, the principle is to send a notice within five days, and if the overdue rent is paid within that period, the process stops. However, there may be additional local ordinances, so it's necessary to check.

Since the parents' home may have areas that haven't been maintained for a long time, conducting inspections and repairs before a tenant moves in can be practically helpful. Checking major expenses like the boiler or roof in advance can reduce urgent repair requests after the tenant moves in. If the parents find it difficult to manage directly, having their child act as a point of contact or considering hiring a local management company can also be worth exploring. This information is general, and it's advisable to consult a real estate professional or attorney before finalizing any agreements.