The Apartment Source is a proud member of both The Chicago Association of Realtors® and Illinois Realtors®, who worked with the Zoning and Board Committee for a more balanced legislation. Landlords outside of Chicago, Evanston and Mount Prospect should note the following rules and amendments effective this June:
- Security deposits are limited to no more than 1.5x the monthly rent
- Repairs under $500 or 1/2 of 1 month’s rent (whichever is greater) must be fixed within 14 days of written notification or tenants may fix themselves and deduct the cost from rent dues.
- Change in the $10 late-fee ceiling from $1500 to $1000
- Lease renewal notifications are 60 days (down from 90 days)
- Landlords will not be burdened with storage of abandoned property
- Landlord’s right to cure is now two business days as opposed to 48 hours
- Time to return security deposit was increased from 21 days to 30 days
- Move in fee itemized costs may now include a “reasonable estimate”
The following landlords are exempt from the above changes:
- Landlords who own and occupy residential buildings with 6 units or less
- Homeowners renting single family homes or condos that have occupied the premises within the last 12 months and are not professionally managed.
Any questions about the 2021 changes to the RLTO and how it might affect you?
Call The Apartment Source at 773 404 9900