Many landlords ask me if there is a limit on how much rent they can demand for their rental units or or if there is any limitation on rent increases when a lease is renewed. Luckily for those landlords, there is no rent control in Chicago. In fact, rent control is prohibited throughout all of the State of Illinois.
In 1997, the State of Illinois passed the Illinois Rent Control Preemption Act. This law prohibits a unit of local government or a home rule unit from enacting any law, resolution, or regulation that controls the amount of rent charged for leasing private residential or commercial property. (There is an exception for properties in which the government has an interest).
There are other laws though that can affect the rent a landlord can charge (such as Fair Housing Laws) and the kinds of late fees that a landlord can charge (such as section 5-12-140 of the CRLTO), so landlords still need to carefully plan out their leasing policies and procedures.