Prairie Co-living, Chicago

Booking Deposit

• A booking deposit equivalent to 3 times the monthly rent is required.

Pay In Instalment

• Rent is payable in 12 equal monthly installments.
• Installments are billed on the 1st of each month throughout the lease term.
• Additional recurring charges, such as parking, pet fees, and utility charges (where applicable), are billed separately.
• The installment plan cannot be changed after lease execution unless the resident transfers to another eligible floor plan or bedroom type.

Mode Of Payment

• Payments can be made through the Resident Portal.
• Accepted payment methods:
• eCheck (checking account)
• Debit card
• Visa
• Mastercard
• Discover
• American Express
• Recurring automatic payments can be set up.
• Credit card payments may be subject to processing fees.
• PayPal is not accepted.

Guarantor Requirement

• Most applicants are required to provide a guarantor.
• Guarantors must pass a credit screening and provide income verification.
• All guarantors must have a U.S. Social Security Number and an established U.S. credit history.
• Non-U.S. citizens are not accepted as guarantors.
• Applicants without a guarantor may qualify using their own income or through an approved third-party guarantor service.

Additional Fees

• Admin Fee: $350.
• Application Fee: $75.
• Parking Fee: $150.
• A utility reimbursement charge may apply in addition to the above fees.

Cooling Off Period

• No cooling-off period is provided.
• Once the lease is signed, if the tenant cancels, the initial payments are non-refundable.

Early termination by students

• Early termination does not release the resident from their lease obligations.
• Residents remain responsible for all lease payments until the lease expires unless a qualified replacement resident is approved.

Replacement Tenant Accepted

• Residents may arrange a relet.
• The replacement resident must meet the property's qualification requirements and sign a new lease before the current resident's obligations are released.

Other cancellation policies

• Once the application is approved, screening is completed, and the lease is signed, the lease becomes legally binding and cannot be cancelled.
• Residents who do not move in remain responsible for all lease payments under the lease agreement.
• Failure to pay rent may result in collections or other actions in accordance with the lease agreement.