Chicago’s Rental season is picking back up quickly with March and April apartment listings pouring in. So don’t forget to send out your renewal letters!
Chicago Fair Notice Ordinance requires landlords to send out notices based on the amount of time the tenant has occupied the unit. This applies when asking tenants to renew, notifying of rent increases, and termination of leases. Notices for Chicago renters are as follows:
* Tenants for 3 or more years: Entitled to 120 days advance notice
* Tenants over 6 months but less than 3 years: Entitled to 60 days notice
* Tenants under 6 months: Entitled to 30 days notice
Failing to give proper notice may result in tenants exercising their right to remain in the unit even if it is after the termination date of the lease. Full details of these policies can be found in the Chicago Residential Landlord Tenant Ordinance.
The Apartment Source also recommends that you list your apartment for rent 60 days in advance of your tenants moving out in order to avoid vacancy and maximize rent. Need help managing your units and ensuring you’re in compliance? Maybe it’s time to consider professional property management?
If you are looking for qualified tenants for any upcoming turnovers or current vacancies, contact The Apartment Source landlord services department to ensure you are priced correctly!
The Apartment Source | Landlord Services Department
773.404.9900 or Alex@ApartmentSourceChicago.com