Rentals in Chicago>Question Details

mon4rch, Renter in Chicago, IL

What is the average annual increase in amount charged for rent in Chicago (Streeterville area)? Are there laws regarding rent increases?

Asked by mon4rch, Chicago, IL Sun Jul 14, 2013

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Yup, rentals are hot especially in your area, Streeterville.

There is no rent control in Chicago, therefore the landlord can charge whatever he/she wants as long as someone is willing to pay.

Let me know if you would like a FREE rental market comparison for your building/area.
0 votes Thank Flag Link Mon Jul 22, 2013
There are no laws regarding rent increases - Chicago is a 'free market state'. I heard that Lake Shore East raised all of their rents 20% after the first of the year. Why? Because they could! The rental market - particularly downtown - is hotter than a firecracker! Rentals downtown (including Streeterville) are now running north of $3/sf/month for a full amenity luxury bldg. I have come across buyers that are looking to buy now simply because of what Riccardo says: it is cheaper for them to own than to rent. However, as a homeowner, you are locked into the property. You cannot just pack up and go when the lease expires - so it is not always an appropriate alternative...
0 votes Thank Flag Link Tue Jul 16, 2013
why rent when you can own for about the same amount monthly or less?


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0 votes Thank Flag Link Tue Jul 16, 2013
This is a free market and landlords can charge whatever a renter is willing to pay.
0 votes Thank Flag Link Mon Jul 15, 2013
lawlessness rules in the rental world.. you get what you pay for and you get what you have earned reflectiong your credit
0 votes Thank Flag Link Mon Jul 15, 2013
Dear Renter,

Chicago has no rent control. At the end of 30 days prior to your lease ending your landlord can send you a letter asking you if you want to renew your lease as well as inform you of any increase he or she wants. You are than left with the choice to resign and pay the increase or move.

Places like New York have rent control laws.
0 votes Thank Flag Link Mon Jul 15, 2013
There are no statistics for that, but rents have been firm for a couple of years. Why would there be laws for that??? If you do not want to pay the rent asked just do not.
0 votes Thank Flag Link Mon Jul 15, 2013
Rent have been steadily going up and up.

There is no law for increasing rent.
Web Reference: http://Americorpre.com
0 votes Thank Flag Link Sun Jul 14, 2013
Rents have been increasing at about 5% annually in most areas of the city. What kind of law would you propose?
0 votes Thank Flag Link Sun Jul 14, 2013
This varies depending on building, owner, etc. I have seen rents go as much as 25% year over year. There are no laws against increasing ones rent as long as lease has expired and owner is looking to draw up a new lease.




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0 votes Thank Flag Link Sun Jul 14, 2013
Their is not specific law, as in NYC. It really is what the market will bear. Many landlords love a tenant that stays, so they do not increase the rent at all, unless it is significantly below market value.
0 votes Thank Flag Link Sun Jul 14, 2013
Lately 10% but depend of the owner and conditions
0 votes Thank Flag Link Sun Jul 14, 2013
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