On Thursday, January 28, the Cook County Board passed the Residential Tenant and Landlord Ordinance (RTLO). The Chicago Association of REALTORS® and Illinois REALTORS® worked with the Zoning and Board Committee for a more balanced legislation. While the version that passed included significant improvements, we are still concerned about possible negative impacts, including the following:
- These types of regulations tend to increase the cost of housing.
- Small property owners are exempt beyond the existing owner occupancy and residency
- This ordinance is an additional burden in municipalities that already regulate on
habitability and safety.
However, we are happy to have secured the following amendments in the ordinance:
- Decreased the ceiling for the $10 late-fee cap to $1,000 from $1,500
- Reduced the time for lease renewal notifications to 60 days from 90 days
- Eased restrictions on the storage of abandoned property
- Expanded a landlord’s right to cure to two business days from 48 hours
- Extended the time for returning a security deposit to 30 days from 21 days
- Added additional flexibility in what a landlord may provide to a tenant to satisfy utility bill disclosures
- Adjusted move-in fees itemized costs to include a “reasonable estimate”
Please remember that this ordinance does not apply to Chicago, Evanston or Mount Prospect. Chicago rental properties are NOT subject to the County’s RTLO, so there are no changes to leases, renewals, etc. that owners in Chicago will need to incorporate based on the County’s ordinance at this time.