Quick Update

Posted on February 8, 2021 by Richard Magnone

As expected, over the weekend (2-5-2021) the Governor extended the eviction moratorium for another 30 days to March 6, 2021.  This was a huge surprise said no one ever.  It is worth noting that no changes were made to the eviction procedures from past orders.

Posted in Eviction Moratorium | Tagged | Comments Off on Quick Update

What is regulated by the Cook County Residential Tenant and Landlord Ordinance?

Posted on January 29, 2021 by Richard Magnone

Section 801 – Title, Purpose & Scope

Let’s start at the beginning.  This will be the first post in a deep dive taking a look at the newly passed Cook County Residential Tenant and Landlord Ordinance (CCRTLO).  As I make my run through the law, understand that I will not necessarily discuss each and every section, but will likely only point out interesting features and facets that might be of note.  Cook County landlord should be well advised that there is NO SUBSTITUTE for reading and understanding this law, front to back, on your own.  I’ll start with the first section.  Continue reading →

Posted in Cook County, Residential Tenant and Landlord Ordinance | Tagged | Comments Off on What is regulated by the Cook County Residential Tenant and Landlord Ordinance?

Cook County Commissioners Pass Tenant Landlord Ordinance

Posted on January 28, 2021 by Richard Magnone

Lease Revisions Needed

A new day is dawning for suburban Cook County landlords.  Just today, the Cook County Board of Commissioners unanimously passed the Cook County Residential Tenant and Landlord Ordinance.  While this legislation could have been much worse based on the initial proposed ordinance, it still represents a major and substantial change for suburban landlords.  Luckily, landlord advocates were able to successfully Continue reading →

Posted in Cook County, Residential Tenant and Landlord Ordinance | Tagged | Comments Off on Cook County Commissioners Pass Tenant Landlord Ordinance

CDC signals Biden-era extension of eviction moratorium

Posted on January 21, 2021 by Richard Magnone

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 →

Posted in Eviction Moratorium | Tagged , , | Comments Off on CDC signals Biden-era extension of eviction moratorium

2021 State of Illinois Security Deposit Interest Rate

Posted on January 13, 2021 by Richard Magnone

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%.

Posted in Illinois, Security Deposit Interest Act | Tagged | Comments Off on 2021 State of Illinois Security Deposit Interest Rate

Chicago releases CRLTO interest rate!

Posted on December 31, 2020 by Richard Magnone

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.

Posted in Interest Rate | Tagged | Comments Off on Chicago releases CRLTO interest rate!

The Cook County Tenant and Landlord Ordinance is unfair and here’s why

Posted on December 9, 2020 by Richard Magnone

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 →

Posted in Residential Tenant and Landlord Ordinance | Comments Off on The Cook County Tenant and Landlord Ordinance is unfair and here’s why

What’s in the Cook County Residential Tenant and Landlord Ordinance and why all landlords must oppose it

Posted on December 4, 2020 by Richard Magnone

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 →

Posted in Residential Tenant and Landlord Ordinance | Tagged | Comments Off on What’s in the Cook County Residential Tenant and Landlord Ordinance and why all landlords must oppose it

Well, some evictions can be filed…

Posted on November 13, 2020 by Richard Magnone

Are evictions still banned?

UPDATE: The governor has issued a number of executive orders amending this original order.  This article should not be relied upon as current law.

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 | Tagged | Comments Off on Well, some evictions can be filed…

Governor to allow SOME residential evictions

Posted on November 13, 2020 by Richard Magnone

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 | Tagged | Comments Off on Governor to allow SOME residential evictions