The Lex is being sold

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LexTenant LexTenant
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The Lex is being sold

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.

http://stresidential.com/news/st-residential-announces-multi-family-portfolio-sale
slooper slooper
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Re: The Lex is 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."

https://www.cityofchicago.org/city/en/depts/dcd/supp_info/rents_right.html
LexTenent LexTenent
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Re: The Lex is being sold

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!

Frank Frank
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Re: The Lex is being sold

Look into the Shelby apartments.  2300 s Michigan.  Saw they had an open house last weekend and already started renting out the top two floors while they complete construction on the floors below
Fellow Lex Tenant Fellow Lex Tenant
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Re: The Lex is being sold

In reply to this post by LexTenant
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.
prbotts prbotts
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Re: The Lex is being sold

In reply to this post by LexTenent
Seems odd for a landlord to think that they could raise rents that much in an area having as much rental stock (and more under construction) as the South Loop.
Frank Frank
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Re: The Lex is being sold

In reply to this post by Fellow Lex Tenant
really, what are they asking