Raising Rent under New Lease - Notification Time Frame and M-T-M

Chicago, Illinois
General Landlording & Rental Properties
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Raising Rent under New Lease - Notification Time Frame and M-T-M

Tracey Steele
Real Estate Investor · IL · Member since 2016 · 39 posts · 3 votes

I'm preparing new leases for my tenants in the City of Chicago. The current leases expires April 30. Is there any risk posed by starting the new leases June 1 vs. May 1? I have two units, and I'm raising the rent on both. The tenants know to expect an increase, but not the specific dollar amount. I know I have to give them 30-60 day notice before the new amount can take effect. 

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Tom Shallcross
Rental Property Investor · Chicago · Member since 2018 · 612 posts · 1k+ votes
4y

@Tracey Steele - Under Chicago's Fair Notice Ordinance passed in 2020, below are your responsibilities as a housing provider:

If the tenant has been there for more than three years than you need to give at least 120 days notice. If the tenant has been there between 6 months - 3 years, you need to give 60 days notice. If they've been there less than 6 months, you need to give 30 day notice. 


Below is a link but if you just Google Chicago Fair Notice you'll find multiple similar articles:

https://www.gcrealtyinc.com/blog/new-chicago-landlord-laws-fair-notice-ordinance

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  • Dan NelsonBusiness Member
    Real Estate Broker · Chicago and Kansas City · Member since 2016 · 77 posts · 61 votes
    4y

    Hi Tracey,

    It is no secret that in Chicago May 1 is the golden time when you can always find a new tenant.  However, June 1st is also excellent.  If that is your only question, May is better, but June is still very good.  If I were in your situation, I would make one May 1 and one June 1 so that if both leave in the future, I don't have to fix, clean, and fill both apartments simultaneously.  If you are not bothered by that, I would recommend making them both May 1.

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  • Tom Shallcross
    Rental Property Investor · Chicago · Member since 2018 · 612 posts · 1k+ votes
    4y

    @Tracey Steele - Under Chicago's Fair Notice Ordinance passed in 2020, below are your responsibilities as a housing provider:

    If the tenant has been there for more than three years than you need to give at least 120 days notice. If the tenant has been there between 6 months - 3 years, you need to give 60 days notice. If they've been there less than 6 months, you need to give 30 day notice. 


    Below is a link but if you just Google Chicago Fair Notice you'll find multiple similar articles:

    https://www.gcrealtyinc.com/blog/new-chicago-landlord-laws-fair-notice-ordinance

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  • John Warren
    Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
    4y

    @Tracey Steele leasing season is always solid in the summer. I wouldn't be concerned at all until maybe October or November, and even then, you can lease units that are average prices. It is only the more expensive ones that have issues in the winter. 

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