Alderman proposes longer advanced warning of rent hikes
Posted July 26, 2018 11:00 pm
Chicago tenants struggling to pay rising rents would have longer advance warning to brace themselves for those increases, if Ald. Proco Joe Moreno has his way.
Moreno represents the fast-gentrifying neighborhoods of Logan Square and Wicker Park heavily impacted by the 606 trail. He wants to implement a sliding-scale of advanced notice that would get longer, the bigger the rent hike.
Thirty days warning would be enough if the increase is less than 5 percent. If the rent hike is between 5 and 10 percent, tenants would get 60 days' notice. Ninety days' warning would be required for increases in the 10-to-15 percent range. And if the increase is 15 percent or more, tenants would get 120 days' notice.
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