Before signing the lease, make sure you read through all the fine print. If you know someone in the legal profession, have them look over it, as well. Many landlords use the standard city or state lease, but often times they'll add a "rider" or list of requirements particular to their property. This will often include rules about public spaces in the building, quiet hours, pets, outdoor space maintenance, decorating, etc.

Know that you are always able to negotiate aspects of the lease. Do not be afraid to request changes prior to signing. Make sure anything promised to you by the landlord is in writing. For example, if the landlord tells you they are planning on adding a garage for parking and that is a large appeal of renting the unit, make sure that is in writing and signed with the date it is to be completed. Otherwise, don't expect to ever see a garage. If the landlord says you can paint without penalty of being charged to paint it back, make sure that is in writing. Otherwise expect a chunk of your security deposit to disappear when the lease is up. Make sense?

Also note that you can negotiate for longer lease terms –this is attractive to investment landlords and you may get a deal out of it (i.e. 24 month vs. 12 month). This also guarantees your rent will not be increased after the standard amount of time (12 mos.) of the first lease is up.

STAY TUNED FOR PART 2 of PROPERTY 101 WHEN WE DISCUSS BUDGETING FOR RENT, BILLS, AND OTHER HIDDEN OR UNEXPECTED COSTS OF MOVING. PARTS 3 and 4 WILL COVER PURCHASING PROPERTY.

Our contributing real estate expert Kaylin Goldstein of At Properties specializes in residential sales and luxury leasing with a focus on buyer representation, investment, and short sales/foreclosures in Chicago and the surrounding areas.