March 1, 2012 3 Comments
How much can a landlord raise your rent in Chicago? Some people believe there is a “Rent Cap” in Chicago as there may be in other cities that have some sort of rent control. In the city of Chicago, however we have no such rent control. Your landlord can raise your rent as much as he or she would like provided that you do not have an “option to renew” clause in your lease. If you are asking yourself “What is an option to renew?” then you probably don’t have one in your lease as it is NOT STANDARD in the typical Chicago Apartment or Chicago Condominium Lease.
Rent prices in Chicago have increased from 2010 to 2011 roughly 7 to 10% depending on neighborhood and of course depending on what size of unit you have. In some areas One Bedrooms have increased 10% while Two Bedrooms may have only increased 5%. Analysts are predicting a 5 to 6% increase in 2012. Given the state of the market I find this to be a fair and accurate assumption.
While the landlord can raise your rent as much as he or she would like they also must provide you with some notice which will vary depending on the lease you may have signed. Typically the landlord has to give you notice, in writing, of whether or not he/she plans to renew your lease and at what price. This typically must be given 30 to 60 days in advance but may vary depending on your lease.
Auto Renewal Option Many people do not believe that an Auto Renewal Option is legal. This is when the lease states that if you do not contact the landlord in writing to state that YOU WILL NOT BE RENEWING then your lease automatically renews. This is in fact completely LEGAL! It is not standard language in a Chicago Apartment or Condo lease however many individual landlords may add this language.