2021 continues to look bleak for landlords
In a media statement released yesterday by CDC Director Rochelle P. Walensky, the Center for Disease Control and Prevention eviction moratorium will again be extended – this time until “at least” March 31, 2021. Housing providers in Illinois should be concerned that this will be another application of “death by a thousand cuts” and the CDC will be back for an extension before all is said and done. Early indications from President Joe Biden have pointed to a federal ban on evictions until September 30, 2021. Continue reading
On January 8, 2021, the Illinois Department of Financial and Professional Regulation released its security deposit interest rate for security deposits governed by the Illinois Security Deposit Interest Act (765 ILCS 715). The rate for 2021 is .01%.
A New Year’s Miracle!
For the first time in at least a decade, the City of Chicago has released the security deposit interest rate and interest rate summary EARLY. Chicago landlords governed by the residential landlord tenant ordinance (RLTO) will not be surprised to learn that this year’s interest rate for the seventh straight year will be .01% for leases executed between January 1, 2021 and December 31, 2021. A copy of the form to be attached to a Chicago lease can be found on the City of Chicago “Rents Right” website here.
Does the Cook County Board Really Want a Level Playing Field?
UPDATE: The vote on this proposed ordinance is scheduled to take place December 15, 2020. Act now.
I have been training real estate agents, landlord groups, and real estate attorneys about Chicago Residential Landlord and Tenant Ordinance (CRLTO) compliance for over 10 years. During almost every one of my training sessions, there is a moment where one of the participants in the room get a wide-eyed look on their face as they come to realize that they have been violating the CRLTO on behalf of themselves or their clients. At that point, panic kicks in. Their hand shoots up. They ask the same question every time: Continue reading
Landlord Call to Action
Suburban landlords have been sleeping for decades. And who can blame them? Suburban renting is nothing like the complex procedure of Chicago (and Evanston) renting. Sure, suburban housing providers have heard of the Chicago Residential Landlord and Tenant Ordinance (CRLTO) for years. Most don’t really know (or want to know) what’s in it. What they do know is that it doesn’t apply to them. Unless suburban landlords take a major stand, that’s all going to change soon with the newly proposed Continue reading
“Everything’s fine today, that is our illusion”
One of my readers was quick to provide me with a copy of the Governor’s new executive order before it is available to the general public on the web, so here’s a breakdown.
For reasons that will become clear in a moment, let’s start in Section 2 which is going to provide the main rule for residential eviction filings. The new order, known as Executive Order 2020 Continue reading
Posted in Eviction
Relief for Landlords?
At his daily Covid-19 briefing, Illinois’ Governor addressed the residential eviction moratorium set to expire tomorrow, November 14, 2020. The Governor announced that, once again, he will extend the moratorium on residential evictions for another 30 days. The Governor qualified this indicating that the moratorium would apply only to renters who earn less than $90,000 in annual income or $198,000 for joint filers. Obviously, we will have to wait to get a copy of the actual executive order, (UPDATE: We now have Continue reading
Posted in Eviction
Need something to do?
I’m tired. I’m tired of explaining to landlords about all of the bad things that have happened to landlords during the course of this pandemic. Throughout the last seven months, government – at every level – has waged a war on housing providers. They’re an easy target. The press and the public have no sympathy for landlords. It’s an uphill battle. It can be depressing and I’m getting tired of explaining all day long what landlords can’t do. But, let’s talk about something positive today. Continue reading
Posted in Landlord
I knew it would happen. You knew it would happen. Your tenants knew it would happen. WTTW is reporting that Governor Pritzker is extending the eviction ban to November 22, 2020. Once we see the order, we’ll post the details, but you might as well have something to ruin your Friday, right?
On October 9, 2020, the Centers for Disease Control and Prevention, U.S. Department of Health and Human Services, U.S. Department of Housing and Urban Development, and U.S. Department of Justice issued non-binding guidance in the form of a FAQ document about the Center for Disease Control’s eviction moratorium order. Continue reading
Posted in Eviction