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Updated about 5 years ago on . Most recent reply

Jay B.'s profile image
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Jay B.
  • Rental Property Investor
  • from Chicago, IL
  • Member since Apr 11, 2020
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Jay B.'s profile image
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Jay B.
  • Rental Property Investor
  • from Chicago, IL
  • Member since Apr 11, 2020
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Jay B.
  • Rental Property Investor
  • Chicago, IL
23
Votes |
49
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Chicago Real Estate Forum

Lease Renewal: Rent increase and COVID

Jay B.
  • Rental Property Investor
  • Chicago, IL
Posted

It's that time. Lease renewal. How much do you usually increase rent by when renewing your tenant's lease? This tenant has been paying on time, but do you have any suggestions if I should change my lease or add anything differently given this current pandemic. 

Chicago, Illinois
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John Warren
  • Real Estate Broker
  • from 3412 S. Harlem Avenue Riverside, IL 60546
  • Member since Apr 17, 2015
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John Warren
  • Real Estate Broker
  • from 3412 S. Harlem Avenue Riverside, IL 60546
  • Member since Apr 17, 2015
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John Warren
  • Real Estate Broker
  • 3412 S. Harlem Avenue Riverside, IL 60546
5,082
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John Warren
  • Real Estate Broker
  • 3412 S. Harlem Avenue Riverside, IL 60546
Replied

@Jay B. I normally increase between 2-3%, but with the ongoing pandemic I am freezing all rent increases and just focusing on keeping occupancy strong. 

  • John Warren
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