As a current tenant looking to renew, I found out this week that my monthly rent is going up $500 per month if I decide to stay. After a little digging, it's probably to artificially raise the price of the building since it's being sold.
I'm not sure they can raise your rent by that much. You may want to call the city's Rents Rights Hotline.
"For more information about Rents Right, call the Chicago Rents Right Hot-line at 312/742-RENT (312/742-7368).
The City of Chicago, in partnership with tenant and landlord organizations, has formed the Rents Right campaign to educate Chicagoans about the legal responsibilities and rights of renters and property owners."
My understanding is that Chicago doesnt have rent control laws or policies so landlords can raise rent however much they want as long as it is not discriminatory. I've heard that everyone's rent is going up substantially so it's clearly not that.
Oh well- it was a nice place to live! I'm hoping to move into the 2100 S. Indiana apartments next door because I love the area!
Thanks for this information. I had no idea. My renewal shows a similar increase for my rent. Ridiculous. I love the building but find half the tenants to be trashy. All kinds of issues with people smoking pot throughout the building and no management of the property.
2300 S. Michigan is asking too much for that location in my opinion.