Rental Basics in Chicago>Question Details

Daniel85, Home Buyer in Chicago, IL

Can I rent out a 2nd bedroom to a roomate in a condo building that is at its Rental limit?

Asked by Daniel85, Chicago, IL Tue Nov 1, 2011

Please comment based on personal experiences.

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Sonia Munwes Cohen’s answer
Daniel,
The rental limit on a condo building usually means how many apartments are rented out of the total number of apartments in the building. It doesn't pertain to the number of people in any one apt. Now sometimes there are limits from the association on how many people can live in an apartment but it sounds like you are talking about the number of units rented. So go ahead and get a roommate. Make sure you set ground rules for the tenant to follow.
0 votes Thank Flag Link Tue Mar 6, 2012
So I live elsewhere in chicago and am planning on keeping some stuff in the smaller of the 2 bedrooms (so I will be "living" there) and doing a room lease for the master bedroom.
0 votes Thank Flag Link Tue Mar 6, 2012
Remember that when you rent out a room you become a Landlord. That makes you liable to follow Chicago's Residential Landlord and Tenant Ordinance to the letter. There are plenty of ways you can get in big trouble with your tenant if they decide to turn on you. Read the ordinance very carefully, especially the requirements for depositing and paying interest on security deposits.
0 votes Thank Flag Link Tue Mar 6, 2012
As long as you "live in the unit" you can rent out one room. You can always "ADD" someone onto a permission to enter form for your unit as long as you are "living in the unit." Hope this helps Daniel.
Web Reference: http://www.PKBlackburn.com
0 votes Thank Flag Link Thu Nov 3, 2011
As long as you live there its fine.
Web Reference: http://AmericorpRe.com
0 votes Thank Flag Link Wed Nov 2, 2011
yes..you live in the unit
Web Reference: http://www.joeschiller.net
0 votes Thank Flag Link Tue Nov 1, 2011
As long as you continue to be an owner-occupier, you can probably rent out one of your rooms with no issue. But if you intend to rent your whole unit out, my guess is that your condo assoc rules would prohibit that. I would consult your property manager for your specific situation, that is IF you want them to know.
0 votes Thank Flag Link Tue Nov 1, 2011
What if I dont stay there often, but keep my belongings in one bedroom and rent out only 1 bedroom. Has anyone had any experiences with owners doing this and running into problems?
0 votes Thank Flag Link Tue Nov 1, 2011
Hi Daniel,

Do you live there and are looking for a room-mate? If so, then you shouldn't have a problem.

However, if you're looking to rent out the entire unit to a new tenant then, yes you may have an issue. The rental limits are in place for a reason.

Normally, the reason for rental limits are due to FHA qualification guidelines.

Hope this helps!
0 votes Thank Flag Link Tue Nov 1, 2011
I would say that as long as you live there, then it should be fine.
0 votes Thank Flag Link Tue Nov 1, 2011
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