UPDATE: Shortly after publication of this article, the Interest Rate Summary was made available by the City of Chicago and it can be found here. The point about the City’s tardy delivery remains valid.
Why does this happen every year? It is now January 4, 2022 and we still do not have a bilingual interest rate summary from the City of Chicago as required by Section 5-12-170 of the Chicago Residential Landlord Tenant Ordinance. Why? Continue reading
Just today, January 3, 2022, the IDFPR has issued a press release indicating the new Security Deposit Interest Rate for 2022 for those tenancies governed by the Illinois Security Deposit Interest Act. The new rate for 2022 is Continue reading
Happy New Year to Chicago Landlords still holding security deposits! If you’ve been in this game long enough, you probably could have guessed this year’s interest rate, but, for the sake of form, here it is right from the City of Chicago: Continue reading
Ordinance Protection Expired?
Will it happen? Has it happened? Will it stick? Who knows? I would not put it past the powers that be. What am I talking about? The Chicago Covid 19 eviction protection ordinance is set to expire by its own terms. Could the Governor do something this weekend to somehow extend the executive order providing eviction protections? Probably not. The protections in that last order were extended on August 20, 2021 and expired October 3, 2021. The Chicago COVID 19 Eviction Protection Ordinance extended its provisions for 60 days beyond that date. Continue reading
Illinois Governor Pritzker’s 19 month moratorium on evictions expired this past weekend. Beginning today, October 4, 2021, evictions can be filed and processed as before the moratorium was put into place. A nightmare for landlords seems to be at an end. What will the playing field look like now that the ban on evictions has been lifted? Continue reading
Well, I for one never believed the moratorium would expire as promised at the end of August. Never. And, very quietly, after subtle signals at the Illinois State Fair, the Governor went ahead and extended. Why? Pick your reason. Delta variant (hmmmm…. there were less than 3000 cases yesterday and the pandemic seems to be more of an endemic and less of an emergency now that Illinois has been “restored”); emergency rental assistance money (why isn’t that making its way into the hands of landlords sooner? We’ve heard this excuse before); maybe it is to coincide with the likely improper but somehow in force Center for Disease Control eviction moratorium; or maybe “just because”… The reason really doesn’t matter. By way of executive order 2021-19, the moratorium is now extended to Continue reading
Section 42-806 – Tenant Remedies
First, the ordinance became effective yesterday. I know – I’m behind in getting these posts out. Hang in there and we’ll get through it. Section 806 of the CCRTLO is entitled “Tenant Remedies”. This section has Continue reading
Are Suburban Landlords Ready?
Like it or not, it is June 1, 2021 and the Cook County Residential Tenant and Landlord Ordinance is now in full effect. Between the time the ordinance was passed and now, lawyers and politicians have discussed this ordinance in a number of forums. I wanted to provide a few quick thoughts on two issues I believe housing providers should consider as the ordinance dawns. Continue reading
The Swedish economist Gunnar Myrdal wrote “Rent control has in certain Western countries constituted, maybe, the worst example of poor planning by Governments lacking courage and vision.”
Well, the people trying to “lift the ban” on rent control are back at it Continue reading
Section 42-805 – Tenant Rights.
Section 805 of the CCRTLO is entitled “Tenant Rights”. In this section, we have a laundry list of tenant rights beginning with broad basic concepts and continuing on down to some detailed minutia. The opposite of rights are duties and these items definitely impose some obligations on landlords that will require them to adjust their leases and leasing practices. Continue reading