This took place in Glenview, near Chicago. A family had to move out of state due to a company transfer and decided to rent out their home. In their haste, they copied the rental price from a neighbor's listing from years ago. However, after more than a month, they received no inquiries. Upon checking, they found that the neighbor's rental price was based on market rates from two years ago, and rental prices in the area had significantly increased since then.

The first challenge for those renting out their homes is determining the rental price. According to RentCafe data, the average rental price in Glenview as of August 2026 is around $2,364. However, this figure is an overall average from studios to three-bedroom units, so it should be adjusted based on the size and condition of your home. A good starting point is to select and compare a few similar listings on sites like Zillow, Apartments.com, or Zumper.

Once the rental price is set, the next step is advertising. Posting on Zillow Rental Manager, Apartments.com, and Facebook Marketplace simultaneously increases visibility. Take photos in natural light during the day, and clearly state the square footage, number of bedrooms, pet policy, and available move-in date to improve the quality of inquiries.

When inquiries come in, tenant screening begins. It's standard to check credit scores, income verification, and previous rental history. Many landlords use a guideline of requiring tenants to have an income of at least three times the monthly rent, and credit and background checks can be conducted with the tenant's consent. It's important to establish screening criteria based on objective factors like credit score, income, and rental history that apply equally to everyone. When multiple inquiries come in, applying the same criteria in order makes it easier to explain decisions later.

Many landlords also charge a small application fee when receiving applications, which covers the costs of credit and background checks. Including previous landlord contact information, employment details, and duration of employment on the application form can streamline the verification process.

If the applicant passes the screening, a lease agreement is drafted. It's crucial to include the rental period, rent amount and due date, security deposit amount, pet clauses, maintenance responsibilities, and termination conditions to avoid future disputes. Including the notice period required for the landlord to enter the property, renewal conditions, and whether subletting is allowed can help reduce ambiguity later.

Regarding security deposits, there is no uniform cap across Illinois. However, under the Security Deposit Return Act, which takes effect in 2024, if there are no deductions, the remaining amount must be returned within 30 days, and if there are deductions, a detailed statement must be provided within 30 days, with the remaining amount returned within 45 days. It's also good to know that failing to comply can result in having to pay double the deposit. Remember that normal wear and tear is not a valid reason for deductions.

If a tenant fails to pay rent, Illinois law requires sending a 5-day notice first. However, Cook County or individual municipalities may have their own ordinances, so it's wise to double-check the local regulations in Glenview. If the tenant pays the overdue amount in full within the notice period, the process stops at that point.

Glenview is also a popular area for Korean families due to its school districts. When renting, providing information about the assigned school ratings can speed up the search for tenants. However, school district boundaries change frequently, so it's advisable to verify the exact assigned school by address. If the tenant is moving from out of state, explaining that property taxes in Illinois may be higher than their previous residence can help reduce misunderstandings.

This covers the main steps involved in renting out a home for the first time. This article is intended for general informational purposes, and since specific ordinances and lease terms can vary by county, it's recommended to consult a real estate professional or attorney before finalizing any contracts.