The Fair Notice Ordinance requires 30, 60 or 120 days' notice of a rent increase or a non-renewal, by how long the tenant has been in place.
A long-tenured below-market tenant takes four months to notice and months more to remove. That is the real lag between buying and repricing the rent roll.
- Under6 months
- 30 days
- Six months to three years
- 60 days
- Over three years
- 120 days
Sources
- Chicago Fair Notice Ordinance — Chicago Mun. Code §5-12-130 (as amended 2020)