Lease Renewal with Increase and Other Requests
Hello BP!
I own a 3 Flat property on Chicago's Near West Side and I am planning on increasing rent in the following manner:
(Rent increase is due to market rents and a hike in property tax)
3bd/2ba, 1,150 sq ft Apartment
Current $1,150
Market $1,500+
Renewal $1,350
I am being gentle as I prefer to receive $1,500 but flipping the unit could cost more due cleaning and repaint costs (20+ft ceiling). But would like to ask if it is within reason to make maintenance requests with this renewal. The tenant has caused some damage to walls and I would request they either put a deposit of $300 or fix the damage on their own. Is that reasonable to request although I was not the original landlord that rented the unit to him? I don't have documentation on who caused the damage and there is no deposit.
Do you have suggestions on ways that I could protect the integrity of the property while being reasonable and firm with a $200 rent increase?
Thank you all so much,
Polina