How can I increase the rent for my tenants?

In Illinois, it is important to follow the landlord-tenant law when raising the rent for your tenants. The landlord-tenant law in Illinois offers landlords guidance in setting up and raising the rent. In order to increase the rent amount, a notice of the increase must be sent to the tenant in writing at least 30 days ahead of when the increase would take effect. The notice must include the amount of the increase, how the tenant can pay the new rent amount, and when the new rent amount is due. During the period of notice, the tenant may decide to end their lease early. They must provide the landlord with written notice within the 30-day period indicating that they no longer wish to remain in the rental unit. It is important to note that the landlord has no legal right to raise the rent if the tenant has a lease or a verbal agreement with a fixed-term. In this case, the rent amount listed in the agreement is the rent that must be paid by the tenant until the agreement has expired. Also, there are certain restrictions on how much the rent can be raised. In Illinois, rents are prohibited from being raised higher than the maximum rent allowed by local governing bodies and/or the Fair Housing Act. It is important to recognize and abide by these restrictions when looking to increase the rent. It is important to be aware of your tenant’s rights and the landlord-tenant law in Illinois when looking to increase the rent. Following these guidelines will ensure that both you and your tenants abide by the law.

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How can I increase the rent for my tenants?

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