Back in March, I discussed the proposal by Chicago-based state legislator Will Guzzardi (39th District – D) to repeal the law prohibiting rent control in Illinois. That bill is currently in the rules committee and only recently, on August 29, 2017, added legislator Theresa Mah (2nd District – D) as another co-sponsor. Both Chicago Magazine … Read more
City of Chicago interest rate to be paid on Security Deposits under CRLTO remains unchangedThe City of Chicago has released the new interest rate for 2016. That rate, for security deposits under rental agreements governed by the Chicago Residential Landlord and Tenant Ordinance, is unchanged from 2015 and will be set 0.01%.
City of Chicago sets security deposit interest rate for 2015Well, it’s that time of year when the City of Chicago sets its annual interest rate for security deposits. For those residential rentals covered by the Chicago Residential Landlord Tenant Ordinance, Section 5-12-080 requires landlords to pay interest on security deposits. The interest rate is adjusted annually. This year, the rate is
Tenants have a right to heating cost disclosures in ChicagoIts still cold out and we are not done with winter yet, so I want to talk about the Chicago heating cost disclosure. It’s the forgotten attachment in the landlord-tenant world! The form gets lost among ordinance summaries, security deposit receipts and lead-based paint disclosures. Why? Well, because many landlords and their agents are… lazy. You see, it takes effort to get a heating cost disclosure. Effort, you say? How hard is it to get one? Not hard at all. The City of Chicago provides the Energy Disclosure Application form on its website (it takes up all of one page) and all a landlord has to do is fill it out and send it in to the energy provider (a landlord can even
I don’t often miss major news, but today my good friend Sherwin Sucaldito, an excellent @properties agent, gave me a heads that the Chicago City Council just passed Chapter 18-14 of the municipal code of Chicago known as the Building Energy Use Benchmarking Ordinance.
Prior to the enactment of the new Chicago bed bug ordinance, landlords were really only “obligated” to exterminate bedbugs when there were two or more units infested. Now, the City leaves no doubt (although we are still awaiting the final published version of the ordinance). The responsibility falls squarely on the landlord in cases where bedbugs are found or are suspected! The new provisions are found in Section 7 of the Municipal Code of Chicago (Section 7-28-810 to 900). And the penalties can be touch. The City can fine a landlord between $300 to $1000 per day for violations of the ordinance! Specifically, Section 7-28-830 (based upon the version of the ordinance that we have seen) requires that:
On June 5, 2013, in addition to passing foreclosure protections for tenants, the Chicago City Council passed a bedbug measure affecting residential landlords and tenants. The new law amends a number of sections of the Municipal Code of Chicago, including the building code and the Chicago Residential Landlord Tenant Ordinance. I will break the measure … Read more
The Chicago Tribune is reporting that the Keep Chicago Renting Ordinance has passed out of committee and will be voted on by the City Council on June 5. The text of the ordinance has been changed slightly to reduce the originally proposed relocation payment of $12,000 to $10,600. The aldermen seem to believe that this … Read more
The Comptroller of the City of Chicago has issued its statement of the interest rate paid on passbook savings accounts, insured money market accounts and six month certificates of deposit at the commercial bank having its main branch located in the city and having the largest total asset value which sets the interest rate for landlords to charge under Section 5-12-080 of the Chicago Residential Landlord and Tenant Ordinance.
The rate for 2013 is
September 15 marks “heating season” for landlords who are responsible to provide heat for their tenants. A number of municipalities have heating ordinances. Here is a small survey: